₦airaland Forum

The Asset Management Corporation of Nigeria (AMCON) at the weekend transferr ownership of Mainstreet Bank to Skye Bank Plc.

The transfer took place after a completion meeting where AMCON divested its interest and transferred ownership of the bridge bank to Skye Bank, which paid 100 per cent of the acquisition value.

At a short handover held at AMCON headquarters in Lagos, at which the directors of Mainstreet Bank and Skye Bank were present, AMCON handed over ownership and praised Skye Bank for emerging the preferred of the over 29 bidders “in the highly competitive and transparent process that took over a year to complete”.

Skye Bank was lauded “for its tenacity and doggedness in pursuing the acquisition with all sense of seriousness and professionalism”.

AMCON also praised 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 well ahead of the November 3 deadline for the 100 per cent acquisition of Mainstreet Bank, which has been described by several analysts and financial commentators as a ground-breaking acquisition.

jaybee3:
Any connection between this deal and Tunde Ayeni's donation to GEJ's re-election campaign fund

ndidibabe:
Una go just dey yarn rubbish. Do you think is about trading a bowl of Oha soup with a bowl of Egusi soup? We are talking serious business here.