Skye Bank Takes Control Of Mainstreet Bank

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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.

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