NIGERIA: AMCON Appoints Advisers for Sale of Mainstreet Bank

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The Asset Management Corporation of Nigeria (AMCON) has appointed Barclays Africa Group Limited and Afrinvest as financial advisers for the divestment of its shareholding in Mainstreet Bank Limited.

The corporation also appointed Banwo and Ighodalo as legal advisers on the divestment.

The corporation disclosed this in a notice titled: “Invitation for Expression of Interest for the Acquisition of AMCON’s Shareholding in Mainstreet Bank Limited.”

AMCON owns 100 per cent of the share capital in Mainstreet Bank and other subsidiaries of the financial institution.

The corporation is also in the process of selling Enterprise Bank Limited, another bank which it also owns wholly.

Mainstreet Bank as at December 31, 2013, had nine subsidiaries; and a distribution network made up of 201 branches, nine cash centres and 200 Automated Teller Machines.

Based on the consolidated management accounts of the Group as at December 2013, total assets were N330.2 billion and customer deposits were N155.8 billion.

“Interested buyers (eligible entities or consortia) should indicate their interest by submitting an Expression of Interest (EOI). Prospective buyers are required to submit their EOI in English and titled “Expression of Interest for the Acquisition of Mainstreet Bank Limited.”

“The EOI should be sent not later than Friday May 16, 2014.”

According to AMCON, upon the receipt and evaluation of the EOI, a shortlist of buyers, who in its view are deemed to be fit and suitable from a regulatory perspective (amongst other things), would be prepared and would proceed to the first phase of the transaction.