AMCON transfers ownership of Mainstreet Bank to Skye Bank

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Skye Bank on Friday took full control of Mainstreet Bank Limited after a completion meeting where the Asset Management Corporation of Nigeria (AMCON), divested its interest and transferred full ownership of the Bridge Bank to Skye Bank. This is coming after it successfully paid 100 per cent of the acquisition value and received regulatory clearance as its new owner.

At a well-attended but brief handover ceremony held at AMCON headquarters in Lagos with Directors of Mainstreet Bank Limited and Skye Bank in attendance, AMCON formally handed over ownership to the new owner, which emerged “in the highly competitive and transparent process that took over a year to complete.” Particularly, Skye Bank was lauded, “for its tenacity and doggedness in pursuing the acquisition with all sense of seriousness and professionalism.”

AMCON also praised the outgoing Board and Executive Committee members of Mainstreet Bank for “their dedication and service to Nigeria in steering and piloting the affairs of the bank from loss to profitability.”

Skye Bank paid both the initial 20 per cent mandatory deposit and completed the 80 per cent balance in October ahead of the November 3 deadline for the 100 per cent  acquisition.

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 after the handover assured staff and customers of good times ahead while soliciting their co-operation in ensuring a seamless transition process.

Skye Bank, with dominant operations in the Southwest, is also banking on Mainstreet Bank to deepen its penetration of the South-East and South-South regions where it is currently less represented. Some 26 per cent or 54 branches of Mainstreet Bank’s network are located in the two regions which also accounted for 28 per cent of Mainstreet Bank’s over 1.9 million customers, second only to Lagos with 37 per cent.

Source : SunOnline

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