Sterling Bank Abandon Plan to Buy Keystone Bank

Forum 7 years ago

Sterling Bank Abandon Plan to Buy Keystone Bank

Sterling Bank has aborted talks to buy Keystone Bank, saying it is an unsuitable fit.

"We reviewed Keystone Bank and concluded the strategic fit was not strong enough. We will continue to evaluate all the options. As new candidates come into the market, we will also review them," Sterling Bank CFO Abubakar Suleiman, said according to Reuters.

Keystone Bank is the last "bad bank" AMCON wants to sell.

In February, Sterling Bank said it wants to purchase one or two mid-sized lenders, as banks were forced to recapitalize following sharp falls in the value of the naira.