Skye Bank Plc on Wednesday signed the agreement for the purchase of 100 per cent shares of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON).
The bank, which emerged preferred bidder for the purchase of Mainstreet, signed the agreement with AMCON in Lagos, after paying the mandatory deposit of 20 per cent for the acquisition.
Skye Bank’s Group Managing Director and Chief Executive Officer, Mr. Timothy Oguntayo, signed on behalf of the bank.
According to the bank, in a statement, it made the deposit well ahead of the deadline.
The bank said its prompt payment was an indication of its commitment and ability to consummate the transaction.
The bank also confirmed its ability to meet the remaining financial obligation on the acquisition within the specified time frame.
Recall that AMCON last weekend announced Skye Bank as the preferred bidder for the acquisition of its stake 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 acquisition of Mainstreet Bank is part of Skye Bank’s strategic plan for growth.
The statement adds that Skye Bank, which emerged from the merger and integration of five banks in 2006, intends to leverage its wealth of experience from the successful integration of five banks to drive efficiency, increase market share and ultimately ramp up stakeholder value from the acquisition of Mainstreet Bank.
The bank said, “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.”
