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 theNovember 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
Source: http://www.vanguardngr.com/2014/11/skye-bank-completes-payment-mainstreet-acquisition/

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