Nigeria: AMCON transfers ownership of two banks

Jan 30, 2015

Mainstreet Bank and Enterprise Bank now have new owners.

The Asset Management Corporation of Nigeria (AMCON) has officially transferred the ownership of two banks, namely Mainstreet Bank Limited and Enterprise Bank Limited. Their new owners are respectively Skye Bank Plc and Heritage Bank Limited.

Chairman of AMCON, Alhaji Kola Belgore, said the banks had been restored to financial solvency, stating that Mainstreet Bank's profit at the end of December 2014 stood at N13 billion (€60.5 million) while Enterprise Bank recorded a profit of N3 billion, the Daily Trust reports.

The sale of Enterprise Bank to Heritage Bank was completed in December 2014
for
N56.1 billion.

Group Managing Director of Skye Bank Timothy Oguntayo said the bank saw value and synergies in the acquired bank and promised to harness and optimise the value.

AMCON was created to help recapitalise eight banks that benefited from a government bailout following the 2009 economic crisis.ADNFCR-2976-ID-801772960-ADNFCR