FOR SALE! Mainstreet Bank (AfriBank) Goes…


The preferred and reserve bidders for Mainstreet Bank (formerly Afribank Plc) will be announced next week, the managing director, Asset Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi, disclosed on Thursday.

The process of selling the bank has taken several months to date, and over 23 banks and other investors submitted bids. SKYEBANK and FIDELITYBK are among the last 8 bidders that AMCON will choose from.

These banks are looking to raise capital in the short term so it is unlikely they will takeover Mainstreet Bank. There could be foreign investors that may get the nod to own a bank in Nigeria.

The latest announcement by AMCON came two weeks after the corporation announced Heritage Bank led investment company as the preferred and reserve bidders for Enterprise Bank.

After the sale of Mainstreet Bank, AMCON will be left with Keystone Bank Ltd which is the former Bank PHB and the biggest of the three banks that AMCON took over in 2010.


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