AMCON Names Skye Bank Buyer of Mainstreet

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Asset Management Corporation of Nigeria (AMCON) on Saturday named mid-tier lender, Skye Bank Plc as buyer of nationalised bank, Mainstreet Bank Limited, the Corporation said.

According to a statement from the Asset Management Company, Cedar One Investment Partners Limited is the first reserve bidder and Fidelity Bank Plc is the second.

AMCON has said the sale attracted buyers from 25 local and foreign investors and was coordinated by Barclays Africa Group and Lagos-based Afrinvest West Africa Limited.

If the deal pulls through, Mainstreet will be the second rescued lender to be sold as the Asset Management Company had in September 12 named HBC Investment Services (Heritage Bank) as preferred bidder for Enterprise Bank.

However, AMCON gave no details on the price of the sale, this is coming on the heels of a $4 billion Central Bank of Nigeria bailout that saved several Nigerian lenders from collapse in 2009.

The CBN had through the Nigerian Deposit Insurance Corporation (NDIC), floated Enterprise Bank, Mainstreet Bank and Keystone as three bridge banks to take over the assets and liabilities of the affected lenders.


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