Mainstreet acquisition: Skye Bank pays 20% deposit

The agreement was signed at the Lagos office of AMCON on Wednesday, according to a top official of the bank.
The bank’s executive management team led by the Group Managing Director and Chief Executive Officer, Timothy Oguntayo, signed on behalf of the bank, while AMCON was also represented by its executive management.
It was also gathered that Skye Bank had paid the mandatory deposit of 20 per cent for the acquisition of the target bank.
The payment, which was made well ahead of the deadline, confirms Skye Bank’s commitment and ability to consummate the transaction.
The bank in a statement said it has also confirmed its ability to meet the remaining financial commitment on the acquisition within the specified time.
AMCON had announced Skye Bank as the preferred bidder for the acquisition of all its interests in Mainstreet Bank, representing the entire capital of the bridge bank.
Skye Bank emerged the preferred bidder after a bidding exercise that spanned five months, with over 20 bidders contending.