Skye Bank takes over Mainstreet Bank from AMCON

Skye Bank takes over Mainstreet Bank from AMCON

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Skye Bank Plc says it has taken over the control of Mainstreet Bank
Limited following the completion of the acquisition process.

The lender said the Asset Management Corporation of Nigeria had
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 by the Head, Corporate Communications, Skye Bank, Mr.
Rasheed Bolarinwa, on Sunday read in part, “AMCON formally handed
over ownership and commended Skye Bank for emerging the preferred
bidder out of over 29 bidders in the highly competitive and transparent
process that took over a year to complete.”

The bank quoted AMCON as commending the out-going board and
executive committee members of the nationalised 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 and October 31, Skye Bank the full amount for the
acquisition of Mainstreet Bank well ahead of the November 3 deadline.

The statement quoted the Group Managing Director, Skye Bank, Mr.
Timothy Oguntayo, as assuring the staff members and customers of
Mainstreet Bank of good times ahead; even as he solicited their
cooperation in ensuring a seamless transition process.

Skye Bank, with dominant operations in the South-West, according to
the statement, is also banking on Mainstreet Bank to deepen its
penetration of the South-East and South-South regions where it is
currently less represented.

Twenty-six per cent or 54 branches of Mainstreet Bank’s network are
located in the two regions, which account for 28 per cent of the
bank’s over 1.9 million customers, second only to Lagos with 37 per
cent.

The latest audited report and accounts of Mainstreet Bank for the year
ended December 31, 2013 showed that retail and commercial banking
contributed 78 per cent, 36 per cent, and 18 per cent of total deposits,
total loans and profit before, tax respectively.