AMCON: 25 INVESTORS EXPRESS INTEREST IN MAINSTREET BANK
The managing director of Asset Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi told CNBC today that the process of divestment from Enterprise bank, one of the 3 banks bailed out by the Nigerian government, through the AMCON, is almost concluded. He also stated that 25 investors have expressed interest in Mainstreet bank. According to him, 4 or 5 of these investors are international banks, 4 or 5 are local banks; while investor groups make up the rest. Obi dispelled the insinuation that the 9 days given for expression of interest is too short, stating that ‘even a trader in Aba had time to express interest in buying the bank.’
Obi said that the next stage after the expression of interest is the due diligence phase, which will commence in 6-8 weeks time and the process will continue till September. He assured that AMCON will make sure that sale price of the bridged banks is maximised and there will be no disruptions to the banking system. He also stated that the most qualified investor will emerge from the process.
AMCON, which was established on the 19th July 2010, was created to stabilise the Nigerian banking system following an imminent banking collapse in 2011. AMCON currently has 3 bridged banks, Enterprise, Mainstreet and Keystone banks, under its fold and it is looking to sequentially divest its stake in them.