Skye Bank Wins Bid To Buy Mainstreet Bank.

 


Skye Bank Plc has been named the preferred bidder to buy Mainstreet Bank Ltd.
However, the purchase would only be completed after Skye Bank satisfies the Share Purchase Agreement (SPA) and receives all the relevant regulatory approvals from Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC).


Mr Kayode Lambo, Chief of Staff of Assets Management Corporation of Nigeria (AMCON) made the announcement in a statement on Saturday.

In addition, AMCON named Cedar One Investment Partners Ltd as first reserve bidder and Fidelity Bank Plc as second reserve bidder to buy Mainstreet Bank, the top three bidders among 25.

“In the event that Skye Bank is unable to complete the transaction, the agreement would be terminated and Cedar One Investment would become the preferred bidder.

“Also, should Cedar One Investment be 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 statement said.