Skye Bank completes payment for Mainstreet acquisition

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