Skye Bank has signed the agreement for the buy 100% shares of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON) after it emerged as the preferred buyer for the nationalized lender.
Lagos-based Skye Bank in a statement said that it had paid the mandatory deposit of 20% for the acquisition.
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The lender also confirmed its ability to meet the remaining financial commitment on the acquisition within the specified time frame.
"The acquisition will avail Skye Bank many 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", the statement read.
After a rigorous exercise that spanned five months, AMCON last weekend named Skye Bank as the preferred bidder for the acquisition of all its interest in Mainstreet Bank.
Mainstreet has more than 200 branches and is the second of the three nationalised banks to be put up for sale by AMCON.
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