Business Skye Bank Seals Purchase of Mainstreet Bank; Heritage Bank Gearing up for Enterprise Bank

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Skye Bank Plc have signed the purchase agreement for 100 per cent shares of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON), after paying 20% of the initial bid sum, Daily Independent reports.

A statement by Skye Bank on Thursday, said Group Managing Director and Chief Executive Officer, Mr. Timothy Oguntayo, led its executive Management team to the signing ceremony, while AMCON was represented also by its top executive.

The bank also confirmed its ability to meet the remaining financial commitment on the acquisition within the specified time frame, noting that the acquisition is part of its strategic growth plan.

AMCON had last Saturday announced Skye Bank as preferred bidder for the acquisition of all its interest in Mainstreet Bank, after a rigorous exercise that spanned five months, with over 20 bidders contending.

It was not immediately clear as at press time how much the bid price is and how much was paid as 20 per cent for Mainstreet Bank.

Meanwhile, there were indications that Heritage Bank had made arrangements to pay the balance 80 per cent of the N56 billion winning bid for Enterprise Bank, which is smaller when compared to Mainstreet. Full payment for Enterprise, according to a source was expected before end of Thursday

#Skye #Heritage #Mainstreet #AMCON

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