By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Mid-tier lender, Skye Bank Plc on Monday said it has received a “No Objection” letter from the Securities and Exchange Commission (SEC) to acquire Mainstreet Bank from the Asset Management Corporation of Nigerian (AMCON).

This is contained in a notice to the Nigerian Stock Exchange (NSE) by Greenwich Trust Limited, acting on behalf of Skye Bank.

 “In view of the above, Skye Bank Plc and its advisers intend to commence the completion phase of the acquisition exercise and will duly notify the Exchange upon fulfillment of all conditions precedent to the transaction,” the notice said.

On October 09, the lender said it has signed an agreement with Nigeria’s asset management company to acquire Mainstreet Bank Limited; following the bank’s emergence as the preferred buyer for Mainstreet Bank.

Skye Bank on November 03, announced it has paid the mandatory deposit of 20 per cent for the acquisition,   the deal was valued at between N120 billion and N126 billion.