Its another case of bank acquisition in Nigeria as Skye Bank PLC signs an agreement on Wednesday to for total ownership of Mainstreet Bank at the the Asset Management of Nigeria (AMCON) office, Lagos.
Report has it that an initial payment of 20% of the acquisition cost was made by Skye Bank to seal the deal.
A statement from the bank said the payment, made well ahead of the deadline, confirmed its commitment and ability to consummate the transaction, while the bank has also confirmed its ability to meet the remaining financial obligation on the acquisition within the specified time frame.
AMCON has last weekend declared Skye Bank as the winner of the bid for the acquisition of its stake in Mainstreet Bank, representing the entire capital of the bridge bank. Skye Bank emerged the preferred bidder after a rigorous bidding exercise that spanned five months, with over 20 bidders contending.
“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 bank said in the statement.
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