The on-going process to sell off Enterprise Bank, the first of the taken over banks to be sold, has not hampered the flow of business, neither is it a source of concern for staff of the bank, some staff have said. “There are no concerns whatsoever” a staff, who pleaded anonymity because he was not qualified to speak in an official capacity, said. “The Asset Management Corporation, AMCON, has been open about the whole process, unlike some other similar processes that has happened in the past” he said. “Citi Group and Vetiva Limited, the organisations appointed to manage the sale of the banks have been going on their duties in such a manner that enables that we continue our work without any concerns”, he added. Another staff, who also spoke on anonymity, said the way the process is being managed; there would be avenue for any conflict. “The bank has nothing to do with the process. It is entirely the business of AMCON; that is the way the process has been made. The bank does not know who is interested in the bargain or not. Enterprise bank is running as it should, full scale. “There is no pressure among the workers, or on the customers, because at the end, it would be a win-win situation, so business is going on as usual, irrespective of the sale off process. It has to be that way, even for the sake of the buyer(s),” he said. Enterprise Bank, the fall out of Spring Bank Plc, after the latter was highlighted as having infractions after an industry audit of banks in 2009, is among the three banks waiting to be sold off to new owners, after it was initially taken over by AMCON. Mainstreet Bank (former Afri Bank) and Keystone Bank (former Bank PHB) are the other two banks that on the sell-off waiting list. AMCON last month announced Citigroup Global Markets Limited and Vetiva Capital Management Limited as the financial and legal advisers for the sale of Enterprise Bank. The organisation had recently announced the process for the sale of the three bridge banks, indicating it would start with the sale of Enterprise Bank and then followed by the other two – Keystone Bank and Mainstreet Bank. The corporation expects to complete the sale of the three banks by September 2014 and plans to sell 100 per cent stake in each. AMCON is seeking to be on track with its timeline to complete the sale of all three banks by the third quarter of next year. No bidding yet The attention of investment firms, finance experts and analysts, as well as the general public, is fixed on the sell-off process. Chigozie Muogbo, an analyst at Afrinvest, an investment bank, said contrary to speculations, AMCON is yet to open the bid for the sale of the bank. “All the information out there are just mere speculations. AMCON is yet to open a bid for the sale of the bank. Until AMCON opens the bid, any information that an organisation is a supposed buyer of likely owner of the bank remains mere speculations. “Our concern is if AMCON would be able to raise as much funds as it invested any in the bank from the buyer who makes it through. The good thing is that the banks are back to making profit,” he said. Via premiumtimesng/business/142130-workers-not-under-pressure-on-sale-of-enterprise-bank-staff.html
Posted on: Sat, 03 Aug 2013 10:42:42 +0000
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