Skye Bank Bids N126Bn for Mainstreet Bank

As the battle for the soul of Mainstreet Bank intensifies, Skye Bank Plc has emerged the preferred bidder, while Cedar One Investment Partners Limited and Fidelity Bank Plc emerged as the 1st reserve bidder and the 2nd reserve bidder.

According to Vanguard report, Skye Bank bided N126 billion to acquire the entire issued and fully paid up ordinary shares of the nationalised Bank.

Meanwhile, in a statement announcing this development, Kayode Lambo, head, Corporate Communications Strategy & Research, Asset Management Corpration of Nigeria (AMCON), said, “The Asset Management Corporation of Nigeria (“AMCON” or the “Corporation”) is pleased to announce Skye Bank PLC (“Skye Bank”) as preferred bidder; Cedar One Investment Partners Limited (“Cedar”) as the 1st reserve bidder and Fidelity Bank PLC (“Fidelity Bank”) as the 2nd reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank Limited (“Mainstreet Bank”) (the “Transaction”).

This follows the receipt of the approval of the Board of Directors of AMCON.

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