Skye Bank Plc says it has taken
control of Mainstreet Bank Limited after the completion of a meeting where
the Asset Management Corporation of Nigeria (AMCON) divested its interest and
transferred full ownership of the bank to it, 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. AMCON was said to have commended 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 and October 31, Skye
Bank paid both the initial 20 per cent mandatory deposit and completed the 80
per cent balance ahead of the November 3 deadline for the 100 per cent
acquisition of Mainstreet Bank. The Group Managing Director/Chief Executive
Officer, Skye Bank, Mr. Timothy Oguntayo in company of the Integration Team, while
addressing the executive members and management team of Mainstreet Bank after
the handover, assured staff members 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.
ThisDay (online)
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