Skye Bank Plc has completely acquired Mainstreet Bank, haven paid in full the total amount of money required by the Asset Management Corporation of Nigeria (AMCON) on Friday, October 31 ahead of the November 3, deadline, and is therefore now the proud owner of Mainstreet Bank. This will go a long way to boost Skye bank in every way, as their reach has increased by this acquisition of Mainstreet bank.
With this positive move coming from Skye bank, they are clearly positioning themselves as major players in the banking industry in Nigeria.
The 80 per cent balance payment was made to AMCON in fulfilment of the Share Sale and Purchase Agreement earlier signed by both AMCON and Skye Bank.
Skye Bank had on October 9, 2014, paid the mandatory deposit of 20 per cent for the acquisition of the target Bank, with a pledge to complete the 80 per cent balance payment within the agreed time frame.
It could be recalled that AMCON had announced Skye Bank as the preferred bidder for the acquisition of all its interest in Mainstreet Bank, representing the entire capital of the bridge bank. Skye Bank emerged the preferred bidder after a rigorous bidding exercise that spanned five months, with over 20 bidders contending.
The customers of Skye bank can begin to look forward to better days ahead as they do business with one of Nigeria’s top bank.
