Skye Bank has perfected the take over of financial institution Mainstreet.
The details of the development that further cements the status of the Kehinde Durosinmi - Etti led institution as a top player in it's filed
are produced below
Skye Bank Plc has completed the purchase of 100 per cent shares of
Mainstreet Bank from the Asset Management Corporation of Nigeria
(AMCON). The last tranche of the money for Mainstreet Bank acquisition
was paid to AMCON on Friday, October 31 ahead of the November 3
deadline.
The 80 per cent balance payment was made to AMCON in
fulfillment of the Share Sale and Purchase Agreement earlier signed by
both AMCON and Skye Bank.
Skye Bank had on October 9, 2014, paid the
mandatory deposit of 20 per cent for the acquisition of the target Bank,
with a pledge to complete the 80 per cent balance payment within the
agreed time frame.
AMCON had announced Skye Bank as the preferred
bidder for the acquisition of all its interest 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.
With the final payment,
Skye Bank Plc has completed what industry analysts described as one of
the biggest acquisitions ever in the country and becomes one of the
biggest and largest banks in the country in terms of branch network.
The
acquisition of Mainstreet Bank is part of Skye Bank’s strategic plan
for growth. Skye Bank emerged from the very successful merger and
integration of five banks in 2006, following the first phase of the
banking industry consolidation. The Bank 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 acquisition will
avail it many of 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.
Skye Bank, a
leading tier 2 Bank in Nigeria, was among the 8 banks recently
designated as ‘Systemically Important Banks’, which reflects its
industry leadership, strong market share, diverse location spread, and
strong brand equity.
The management of Skye Bank assured the
customers of Mainstreet Bank of excellent service and superior value in
the enlarged Skye Bank.
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