AMCON shortlists seven potential buyers for Mainstreet Bank


Managing-Director-AMCON-Mr.-Mustafa-Chike-Obi-360x225AMCON shortlists seven potential buyers for Mainstreet Bank, The advisers of the Assets Management Corporation of Nigeria have reduced the 23 investors lining up to buy Mainstreet Bank to just seven, with the bad assets manager hoping to name the successful buyer on October 31.

The successful buyer of Enterprise Bank, one of the three nationalised banks created after the 2009 banking crisis from the defunct Afribank, Bank PHB and Spring Bank, will also emerge next week after a year-long rigorous sale process.

The three nationalised banks created from the failed banks are Enterprise Bank, Mainstreet Bank and Keystone Bank.

The Managing Director, AMCON, Mr. Mustafa Chike-Obi, told our correspondent during an exclusive interview in Lagos on Tuesday, “The process always starts with a lot of prospective buyers and AMCON-appointed advisers always do some interactions with them and we narrow it down based on a number of objective criteria.

“With Mainstreet Bank, we started with about 23 prospective buyers and I believe that we are down to seven prospective buyers now.”

He, however, said that the Mainstreet Bank’s sale would not be completed on schedule, adding that it would be delayed till the end of next month when the agency would be redeeming bonds worth N800bn.

“I will probably be announcing the results of the Enterprise process next week. Mainstreet may be a little bit delayed but may be still within the time frame of the bond redemption we set for ourselves, that is October 31,” he said.  SEE MORE ON PAGE2

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