Mainstreet Bank Limited (MBL), also referred to as Mainstreet Bank, was a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

. It was acquired by Skye Bank Plc in 2014.

Overview

Mainstreet Microfinance Bank is a large financial services provider in

. 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, on 20 October 1959. The bank has been an active player in the Nigerian interbank market and has leveraged the legacy bank's over 51 years of 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 Microfinance 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taking over the assets and some of the liabilities of the now defunct Afribank Plc., whose commercial banking license was revoked.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

, the assets of Mainstreet Bank Limited are 100% owned by Asset Management Company of Nigeria (AMCON), an arm of the

Federal Government of Nigeria The federal government of Nigeria is composed of three distinct branches: the executive, the legislative, and the judicial, whose powers are vested and bestowed upon by the Constitution of the Federal Republic of Nigeria. One of the primary f ...

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

, Mainstreet Microfinance Bank maintains a network of over 13 branches in all regions of Lagos states of

Governance

The

Managing Director A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

and

Chief Executive Officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of the bank is Adegoke Elijah Adegbami.

References

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External links

Website of Mainstreet Bank Limited Website of Central Bank of NigeriaFederal Government Appoints Leaders of Nationalised Banks
Defunct banks of Nigeria Banks established in 2011 Companies based in Lagos 2011 establishments in Nigeria