Oh No! Former Mainstreet Bank Now Skye Bank

The Asset Management Corporation of Nigeria (AMCON) has announced Skye Bank Plc as the preferred bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank Limited.

The Assets Management Corporation of Nigeria, AMCON, confirmed the deal over the weekend.
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 had, between October 3rd and 31st, paid both the initial 20 per cent mandatory deposit and completed the 80 per cent balance.
Main Street Bank commenced operation in August, 2011, as a full-service commercial bank with a national banking licence. The bank has 9 subsidiaries; and a distribution network comprising 201 branches across 35 out of 36 states in Nigeria and the Federal Capital Territory, Abuja; 9 cash centres and 200 automated teller machines (ATM).