The Asset Management Corporation of Nigeria (AMCON) also announced Cedar One Investment Partners Limited as the first reserve bidder and Fidelity Bank PLC as the second reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank Limited.
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This follows the receipt of the approval of the Bbard of directors of AMCON.
The transaction is subject to the fulfilment of the conditions precedent as stated in the Share Sale and Purchase Agreement to be executed with Skye Bank Plc as well as the receipt of all required regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.
“In the event that Skye Bank is unable to complete the Transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with Skye Bank would be terminated and Cedar would become the preferred bidder,” read statement by AMCON.
“Further, in the event that Cedar is unable to complete the Transaction in line with the payment terms and other provisions of the SPA, Fidelity Bank would become the preferred bidder.”
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This process started with interest shown by 25 parties cutting across local and international investors.
“The emergence of Skye Bank, Cedar and Fidelity Bank as preferred, 1st and 2nd reserve bidders, respectively, resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Barclays Africa Group Limited and Afrinvest West Africa Limited and Banwo & Ighodalo," added the statement.
Main Street Bank commenced operation in August, 2011, as a full-service commercial bank with a national banking license.
The bank has nine subsidiaries; and a distribution network comprised of 201 branches across 35 out of 36 states in Nigeria and the Federal Capital Territory, Abuja; nine cash centres and 200 Automated Teller Machines.