Skye Bank $610 million acquisition of Mainstream Bank

Overview:

• Skye Bank has acquired nationalised lender, Mainstreet Bank, from AMCON (The Asset Management Corporation of Nigeria) for around $610 million. 
• Mainstreet (Afribank until its nationalisation and rebranding in 2011) was one of three Nigerian banks rescued by the state from near bankruptcy in 2009.
• AMCON sold Mainstreet through an auction process which began with 25 interested parties. 
• Cedar One Investment Partners and Fidelity Bank were selected as the reserve bidders should Skye Bank be unable to complete the transaction. 

Ben Naylor - Regional editor