Mainstreet Bank News

Skye Bank

Nigeria's Skye Bank plans $251M rights issue after debt sale

Nigeria’s Skye Bank plans to raise 50 billion naira ($251 million) via a rights issue by the third quarter of 2015 to expand its loan book after it completed the sale of short-term commercial notes last week, it said on Wednesday.

Barclays Africa Seeks Nigerian Investment Banking License

Barclays Africa Seeks Nigerian Investment Banking License

Barclays Africa Group Ltd.’s corporate and investment banking unit has approached Nigerian authorities for approval to convert its representative office to a fully fledged business in the continent’s biggest economy.

Keystone Bank

Nigeria's AMCON to start Keystone Bank sale after elections

The Asset Management Corp. of Nigeria plans to begin the sale of Keystone Bank Ltd., the biggest of three lenders nationalized after a 2009 financial crisis, in the second quarter after general elections next month.

Amaka Onwughalu, Interim Managing Director of Mainstreet Bank

Nigeria's Skye Bank appoints Amaka Onwughalu as Interim Managing Director for Mainstreet Bank

Skye Bank Plc has appointed Amaka Onwughalu as the interim Managing Director for Mainstreet Bank Limited.

Skye Bank

Nigeria's Skye Bank completes payment for acquisition of Mainstreet Bank

Nigeria’s Skye Bank Plc has announced full payment of the remaining 80% balance for its purchase of Mainstreet Bank from the Asset Management Corporation of Nigeria (AMCON). Skype Bank now owns 100% of Mainstreet Bank.

Enterprise Bank

Nigeria's Heritage is acquiring Enterprise Bank for $340M

Nigerian Heritage Banking Co. is paying 56.1 billion naira ($340 million) to acquire nationalised lender Enterprise Bank Ltd.

Sizwe Nxasana, CEO, FirstRand

African Bank not a proxy for South Africa's banking industry: Sizwe Nxasana, CEO, FirstRand

FirstRand Ltd. (FSR), Africa’s biggest bank by market value, said unsecured lending was the least of its issues and criticized ratings companies for seeing failed African Bank Investment Ltd. as a proxy for the industry.

Skye Bank

Skye Bank picked as buyer for Nigeria's nationalized lender Mainstreet Bank

Nigeria’s state-owned rescue bank AMCON has selected mid-tier lender Skye Bank, as the successful bidder to buy nationalized lender Mainstreet Bank.

Sizwe Nxasana, CEO, FirstRand

FirstRand Targets $924M for Expansion in Africa

FirstRand Ltd. (FSR), Africa’s biggest bank by market value, is setting aside 10 billion rand ($924 million) for expansion across the continent as profit increases from regions outside its home market of South Africa.

Central Bank of Nigeria (CBN), Abuja

Nigeria's Too Big to Fail Bank Rules Spur Bond Sale Rush

Nigerian lenders are gearing up to sell the most debt in four years to bolster cash reserves, taking advantage of a drop in borrowing costs before the central bank increases how much capital they need to hold.

Mustafa Chike-Obi, MD/CEO, Asset Management Corporation of Nigeria (AMCON)

U.S. investor seeks to stop sale of Nigerian bank Mainstreet

A U.S. court has summoned representatives of a body set up to manage Nigeria’s rescued banks in a dispute with U.S. financial firm Intangis Holdings, which says Nigeria has ignored its right to buy one of the nationalised lenders.

Mustafa Chike-Obi, CEO, Asset Management Corporation of Nigeria (AMCON)

Nigeria’s AMCON to Repay 800 Billion Naira of Bonds This Year

The Asset Management Corp. of Nigeria, set up by the West African nation to buy bad debts from banks, said it plans to repay 800 billion naira ($4.9 billion) of bonds due August this year.