KEYSTONE Bank Limited has fully divested from Orient Bank Ltd, its Ugandan subsidiary.
A statement from the bank signed by its Head of Brand and Communications, Omobolanle Osotule, explained that the lender’s 80 per cent stake was acquired by the erstwhile minority shareholders as part of a consortium led by 8Miles LLP; AN Africa- focused private equity Fund.
Keystone Bank had earlier obtained the approval of the Central Bank of Nigeria to conclude the divestment in order to focus on its growing share in the domestic market.
Vetiva Capital were the transaction advisors while the firm of Okagbue and Ikoli were solicitors to the transaction.
The Keystone Bank Managing Director/Chief Executive Officer, Philip Ikeazor had hinted on the planned divestment from the African subsidiaries last year while fielding questions from journalists at a media parley.