Skye Bank to acquire Mainstreet Bank

Skye Bank has been chosen as the successful bidder to buy the nationalized Mainstreet Bank. This was revealed by Asset Management Company of Nigeria (AMCON) in a statement on Saturday.

Mainstreet bank, formerly Afribank, is one of the three nationalized banks in Nigeria. The others are Enterprise Bank (formerly Spring Bank) and Keystone Bank (formerly Bank PHB).

Heritage Bank has already emerged the successful bidder for Enterprise Bank.

AMCON had sought bidders for the sale of its 100 percent stake in Mainstreet Bank, following a $4 billion central bank bailout that saved several Nigerian lenders from near bankruptcy in 2009.

Details of the agreed price of the sale were not given.