Don't Miss


Home   >   Business   >   Industries   >   Banking   >   Skye Bank takes control of Mainstreet Bank

Skye Bank takes control of Mainstreet Bank

By on December 23, 2014

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]