By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Skye Bank Plc has signed an agreement with Nigeria’s Asset Management Corporation (AMCON) to acquire Mainstreet Bank Limited; following the bank’s emergence as the preferred buyer for the rescued lender.

Reports by Bloomberg quoted Kayode Lambo, spokesman for the Asset Management Company as saying that the agreement covers details of how the parties will go about the transaction.

According to Lambo, Skye Bank is expected to pay 20 percent of the agreed price for the transaction by tomorrow (Friday).

AMCON last Saturday named Skye Bank as buyer of Mainstreet Bank, while Cedar One Investment Partners Limited is the first reserve bidder and Fidelity Bank Plc is the second.

AMCON has said the sale attracted buyers from 25 local and foreign investors and was coordinated by Barclays Africa Group and Lagos-based Afrinvest West Africa Limited.

Mainstreet will be the second rescued lender to be sold as AMCON had on September 12 named HBC Investment Services (Heritage Bank) as preferred bidder for Enterprise Bank.

At the end of trading at the Nigerian bourse, share price of Skye Bank declined five percent (5%); losing 15 kobo as it opened 3.00 naira and closed at 2.85 naira.