Mid-tier lender Skye Bank has commenced process to acquire Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON) a week after winning the bid to purchase 100 per cent shares of the nationalised bank.
Skye Bank emerged winner of the “rigorous and competitive bidding process” out of 25 competitors who all participated in the negotiation process that lasted up to five months.
According to Tribune, Managing Director and Chief Executive Officer of Skye Bank, Mr Timothy Oguntayo accompanied by other executives of the Bank were present at AMCON’s office in Lagos on Wednesday to sign the agreed deal, and as well, pay the mandatory deposit of 20 per cent for the acquisition.
Formed out of a merger of 5 banks in 2006, Skye Bank, after completion of the agreed terms will be rightful to Mainstreet Bank which has over 200 branches.
A statement released by the Bank read: “The acquisition will avail Skye Bank many benefits, including cost leadership, business optimisation and greater ability to offer
business convenience to its teeming retail and commercial customers, with a combined branch network of over 450, across all the states of the federation.”