A Review of the Nigerian Energy Industry

Skye Bank takes over Mainstreet from AMCON

22 December 2014, Abuja – Skye Bank Plc says it has taken over the control of Mainstreet Bank Limited following the completion of the acquisition process.

The lender said the Asset Management Corporation of Nigeria had divested its interest and transferred full ownership of the bridge bank to Skye Bank, having successfully paid 100 per cent of the acquisition value and received regulatory clearance as the new owner.

Skye BankA statement by the Head, Corporate Communications, Skye Bank, Mr. Rasheed Bolarinwa, on Sunday read in part, “AMCON formally handed over ownership and commended Skye Bank for emerging the preferred bidder out of over 29 bidders in the highly competitive and transparent process that took over a year to complete.”

The bank quoted AMCON as commending the out-going board and executive committee members of the nationalised 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 the full amount for the acquisition of Mainstreet Bank well ahead of the November 3 deadline.

The statement quoted the Group Managing Director, Skye Bank, Mr. Timothy Oguntayo, as assuring the staff members and customers of Mainstreet Bank of good times ahead; even as he solicited their cooperation in ensuring a seamless transition process.

Skye Bank, with dominant operations in the South-West, according to the statement, is also banking on Mainstreet Bank to deepen its penetration of the South-East and South-South regions where it is currently less represented.

Twenty-six per cent or 54 branches of Mainstreet Bank’s network are located in the two regions, which account for 28 per cent of the bank’s over 1.9 million customers, second only to Lagos with 37 per cent.

The latest audited report and accounts of Mainstreet Bank for the year ended December 31, 2013 showed that retail and commercial banking contributed 78 per cent, 36 per cent, and 18 per cent of total deposits, total loans and profit before, tax respectively.

– The Punch

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