Type Private Founded 2011 Predecessor Afribank | Industry Financial Services Headquarters Lagos Parent organization Skye Bank | |
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Key people Faith Tuedor-Matthews
Managing Director & CEO Products Loans, Checking, Savings, Investments, Debit Cards, Credit Cards Website mainstreetbanklimited.com Subsidiaries Afribank Registrars Limited, ANP Registrars Ltd | ||
Mainstreet Bank Limited (MBL), also referred to as Mainstreet Bank, was a commercial bank in Nigeria. It was acquired by Skye Bank Plc in 2014.
Contents
Overview
Mainstreet Bank is a large financial services provider in Nigeria. Mainstreet Bank Limited assumed the assets and liabilities of Afribank Plc., which had an epochal beginning as one of the big four banks in Nigeria, since October 20, 1959.
The bank has been an active player in the Nigerian interbank market, and has leveraged on the legacy bank’s over 51 years experience and goodwill in the financial services sector to become a distinguished commercial bank that contributes to national economic development.
Currently, the bank operates 217 branches nationwide, with at least one branch in every city of the 36 states in the Nigerian federation
History
Mainstreet Bank was formed in August 2011 by taking over the assets and some of the liabilities of the now defunct Afribank Plc., whose commercial banking license was revoked. MBL was issued a commercial banking license on 5 August 2011.
In 2014, Skye Bank won the bid to acquire the 100 per cent ownership stake of Asset Management Corporation of Nigeria (AMCON) in Mainstreet Bank Limited.
Ownership
As of January 2012, the assets of Mainstreet Bank Limited are 100% owned by Asset Management Company of Nigeria (AMCON), an arm of the Federal Government of Nigeria.
Subsidiaries
The bank maintains the following subsidiaries:
- Mainstreet Bank Insurance Brokers Limited - Founded in 1988 (100% shareholding)
- Mainstreet Bank Securities Brokers Limited - Founded in 1994 (100% shareholding)
- Mainstreet Bank Microfinance Bank Limited - Founded in 2009 (100% shareholding)
- Mainstreet Bank Trustees & Asset Management Company Limited - Founded in 1991 (100% shareholding)
- Mainstreet Bank Registrars - Founded in 2004 (100% shareholding)
- Mainstreet Bank Capital Markets - (100% shareholding)
- Mainstreet Bank Estate Company Limited (100% shareholding)
- Mainstreet Bank Bureau De Change Limited (100% shareholding)
- ANP International Finance Limited - Founded in 1987 (100% shareholding)
Branch network
As of June 2012, Mainstreet Bank, maintains a network of over 220 branches in all states of Nigeria
Governance
The Managing Director and Chief Executive Officer of the bank is Faith Tuedor-Matthews.