By Nkiruka Nnorom

LAGOS — The Asset Management Corporation of Nigeria, AMCON, has announced the successful completion of sale of Enterprise Bank Limited to HBCL Investment Services Limited for N56.1 billion.

HBCL Investment Services Limited is a special purpose vehicle incorporated for the purpose of acquiring AMCON’s entire shareholding in Enterprise Bank sponsored by Heritage Banking Company Limited.

The transaction, according to a statement by Mr. Kayode Lambo, Head, Corporate Communications Strategy & Research, AMCON, was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders with HISL emerging as the preferred bidder.

He noted that the transaction had been approved by the Board of Directors of AMCON and relevant regulatory approvals had been obtained from the Central Bank of Nigeria and the Securities and Exchange Commission, SEC.

He said: “Completion of this transaction follows from the fulfilment of the terms and conditions stated in the Share Purchase Agreement (SPA) executed between AMCON and HISL.

“In line with AMCON’s strategic objectives, this transaction marks the divestment of the first of three banks that were acquired by AMCON in August 2011 and represents a landmark transaction in the Nigerian banking sector.”

Citigroup Global Markets Limited (Citi) and Vetiva Capital Management Limited (Vetiva) acted as Financial Advisers to AMCON while G. Elias & Co. acted as Legal Advisers to AMCON on the transaction.