SKYE Bank Wins Bid To Takeover Mainstreet Bank

The Asset Management Corporation of Nigeria has announced Skye Bank Plc as the preferred bidder for Mainstreet Bank Limited.

The corporation also announced Cedar One Investment Partners Limited as the first reserve bidder and Fidelity Bank Plc as the second reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank.

The announcement confirmed an exclusive report by The PUNCH on September 25 that Skye Bank, Fidelity Bank and a Moroccan bank were among the seven potential buyers shortlisted for the acquisition of Mainstreet Bank.

The announcement, according to a statement made available to our correspondent on Saturday by the Head, Corporate Communications Strategy and Research, AMCON, Kayode Lambo, follows the receipt of the approval of the Board of Directors of the bad debt manager.

AMCON said in the statement, “The completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement to be executed with Skye Bank Plc as well as the receipt of all required regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.

“In the event that Skye Bank is unable to complete the transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with Skye Bank would be terminated and Cedar would become the preferred bidder.

“Further, in the event that Cedar is unable to complete the transaction in line with the payment terms and other provisions of the SPA, Fidelity Bank would become the preferred bidder.”

The process for the sale of Mainstreet Bank started with interest shown by 25 parties cutting across local and international investors.
The emergence of Skye Bank, Cedar and Fidelity Bank as the preferred, first and second reserve bidders, respectively, AMCON noted, resulted from a rigorous and competitive bidding process


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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