Skye Bank Nigeria Plc has on 18th Dec. 2014 acquired Mainstreet bank A.K.A former Afribank Nigeria of which by implication Mainstreet Bank Nigeria ceases to exit.
This was as a result of joint decisions of Mainstreet Bank, Asset Management Company of Nigeria (AMCON) and the acquirer, Skye Bank Plc.
Confirming the handing over in a letter signed by the Group Managing Director of Mainstreet Bank, Mrs Faith Teudor Matthews,"Following this meeting, the Board of Mainstreet bank has been dissolved and the management of the bank has fully handed over to Skye Bank PLC" it reads.
While authenticating the acqusition, the Mainstreet Boss urges its customers to continue its patronage with Skye Bank as it was with the then Mainstreet Bank.
On a personal survey and opinion poll on the acqusition by the writer, it was discovered that Nigerians including customers of the dissolved Mainstreet bank already expected the selling over of the bank to another stronger institution as according to them "lots of things are not well with Mainstreet bank"
Nonetheless, this seems not to be a surprise as the Nigerian bank financial System had of recent gone through an era of revolution in which more than 100 banks were merged to form just 25 stronger banks even though the acquisition exercise seems to be continued
Mismanagement,Bad Debts,Neglect of key banking policy parameters in operation and Income leakages seems to be the major factors leading to bank failures and if not controlled could result into more banks folding up in Nigeria
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