Skye Bank Takes Over Mainstreet Bank

The Asset Management Corporation of Nigeria
(AMCON) at the weekend transferr ownership
of Mainstreet Bank to Skye Bank Plc.
The transfer took place after a completion
meeting where AMCON divested its interest
and transferred ownership of the bridge bank
to Skye Bank, which paid 100 per cent of the
acquisition value.
At a short handover held at AMCON
headquarters in Lagos, at which the directors
of Mainstreet Bank and Skye Bank were
present, AMCON handed over ownership and
praised Skye Bank for emerging the preferred
of the over 29 bidders “in the highly
competitive and transparent process that
took over a year to complete”.
Skye Bank was lauded “for its tenacity and
doggedness in pursuing the acquisition with
all sense of seriousness and professionalism”.
AMCON also praised the out-going Board and
Executive Committee members of Mainstreet
Bank for “their dedication and service to
Nigeria in steering and piloting the affairs
from what it used to be, to profitability”.
Between October 3 and October 31, Skye
Bank paid both the initial 20 per cent
mandatory deposit and completed the 80 per
cent balance well ahead of the November 3
deadline for the 100 per cent acquisition of
Mainstreet Bank, which has been described
by several analysts and financial
commentators as a ground-breaking
acquisition.

1 thought on “Skye Bank Takes Over Mainstreet Bank

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