• Tuesday, May 28, 2024
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Skye Bank emerges preferred bidder for Mainstreet Bank


The Asset Management Corporation of Nigeria (AMCON) has announced Skye Bank Plc as the preferred bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank Limited.

It also announced Cedar One Investment Partners Limited as the 1st reserve bidder and Fidelity Bank as the second reserve bidder.
In a statement, Kayode Lambo, head, corporate communications strategy, AMCON, said this followed the receipt of the approval of its board of directors.

It said the completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the share sale and purchase agreement (SPA) to be executed with Skye Bank Plc as well as the receipt of all required regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.

AMCON said in the event that Skye Bank is unable to complete the transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with Skye Bank would be terminated and Cedar would become the preferred bidder.

It also said that in the event that Cedar is unable to complete the transaction in line with the payment terms and other provisions of the SPA, Fidelity Bank would become the preferred bidder.

AMCON said this process started with interest shown by 25 parties cutting across local and international investors. The emergence of Skye Bank, Cedar and Fidelity Bank as preferred 1st and 2nd reserve bidders, respectively, resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Barclays Africa Group Limited and Afrinvest West Africa Limited (financial advisers) and Banwo & Ighodalo (legal advisers), AMCON said.

Main Street Bank commenced operation in August, 2011, as a full-service commercial bank with a national banking licence. The bank has 9 subsidiaries; and a distribution network comprising 201 branches across 35 out of 36 states in Nigeria and the Federal Capital Territory, Abuja; 9 cash centres and 200 automated teller machines (ATM).