Skye Bank Takes Control Of Mainstreet Bank

Skye Bank Plc has taken control of
Mainstreet Bank Limited according to the
bank statement, after a completion meeting
where the Asset Management Corporate of
Nigeria (AMCON) divested its interest and
transferred full ownership of the bridge
bank to Skye Bank, having successfully
paid 100 per cent of the acquisition value
and received regulatory clearance as the
new owner.
A statement last night said the handover
was done at a ceremony held at AMCON
headquarters in Lagos which had the
directors of Mainstreet Bank Limited and
Skye Bank present.
Skye Bank had emerged the preferred
bidder out of over 29 bidders in what had
been described as a highly competitive and
transparent process that took over a year
to complete.
Skye Bank was lauded by the AMCON chief
executive, Mustapha Chike-Obi, for “its
tenacity and doggedness in pursuing the
acquisition with all sense of seriousness
and professionalism.”
He 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 3-31, Skye Bank paid both
the initial 20 per cent mandatory deposit
and completed the 80 per cent balance well
ahead of the November 3 deadline for the
100 per cent acquisition of the bank
Meanwhile, the group managing director
and chief executive officer 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 the
AMCON in Marina, assured the staff and
customers of good times ahead even as he
solicited the co-operation of all in
ensuring a seamless transition process.
Mainstreet Bank has nine subsidiaries and
a large distribution network comprising of
201 branches across 35 out of 36 states in
the country and the Federal Capital
Territory, Abuja. It equally has nine cash
centres and 205 Automated Teller Machines
(ATMs).
On the other hand, Skye Bank with
dominant operations in the South-west, is
also banking on Mainstreet Bank to deepen
its penetration of the South-east and
South-south regions where it is currently
less represented.