AMCON transfers ownership of Mainstreet Bank to Skye Bank

(NIGERIA) The Asset Management Corporate of Nigeria (AMCON) last Friday divested its interest and transferred full ownership of Mainstreet Bank to Skye Bank, the latter, having successfully paid 100 per cent of the acquisition value and received regulatory clearance as the new owner.

At a handover ceremony held at AMCON headquarters in Lagos which had the directors of Mainstreet Bank Limited and Skye Bank present, AMCON formally handed over ownership and commended Skye Bank for emerging the preferred bidder out of over 29 bidders “in the highly competitive and transparent process that took over a year to complete”. 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 percent mandatory deposit and completed the 80 percent 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 in Nigeria’s financial sector.

Meanwhile, the GMD/CEO of Skye Bank, Mr. Timothy Oguntayo in company of the Integration Team, while addressing the Executive members and management team of Mainstreet Bank at the bank’s headquarters after the handover by AMCON in Lagos, assured staff and customers of good times ahead; even as he solicited the co-operation of all in ensuring a seamless transition process. Analysts have been unanimous in that the acquisition, operationally, is a game-changer for Skye Bank, given possible synergies and the impact on the balance sheet and profitability of the bank, while it would also increase the bank’s market position in the banking industry and at the stock market. Recent newspaper reports quoted analysts as saying that the potential impact will be big on Skye Bank’s reach and asset size.

Mainstreet Bank has nine subsidiaries and a large distribution network comprising 201 branches across 35 out of 36 states in Nigeria and the Federal Capital Territory, Abuja. It equally has nine cash centers and 205 Automated Teller Machines (ATMs).

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