SEC clears Skye Banks Mainstreet Bank acquisition - Securities and - TopicsExpress

SEC clears Skye Banks Mainstreet Bank acquisition - Securities and Exchange Commission (SEC) has no objection against the acquisition of Mainstreet Bank Limited by Skye Bank Plc, clearing the way for Skye Bank to complete the acquisition process and begin integration of the acquired bank. After regulatory review, SEC the apex capital market regulator which also has the sole jurisdictional authority on mergers and acquisitions, has given No Objection consent to the acquisition. The No Objection consent implies that SEC had reviewed the entire acquisition transaction and found that it duly complied with extant laws, rules and regulations and best practices. In a reversed case, any objection by SEC must be rectified before the closure of the transaction. In the event of irreconcilable objection, SEC is statutorily empowered to stop the transaction.

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