Skye Bank has begun to concertize its bid to acquire Mainstreet Bank, an offshoot of defunct Afribank, which became distressed in 2011 and became a bridge bank owned by the the Nigeria Deposit Insurance Corporation (NDIC) and the CBN.
Naijalog reported last week that Skye bank was chosen as preferred bidders for the purchase of Mainstreet Bank by the Asset Management Corporation of Nigeria (AMCON).
On Wednesday Skye Bank began to fulfill the terms and condition of purchase when it signed he agreement for the purchase of 100 per cent shares of Mainstreet Bank at AMCON office in Lagos.
Our correspondent also gathered that , Skye Bank have paid the mandatory deposit of 20 per cent for the acquisition.
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.