The Asset Management Corporation of Nigeria (AMCON) has hired Barclays Africa Group and Afrinvest as financial advisers for the planned spin-off of its financial firm Mainstreet Bank.

The asset manager holds 100% of the share capital in Mainstreet Bank and its nine subsidiaries, besides a distribution channel comprising 201 branches, nine cash centers and 200 Automated Teller Machines as on 31 December 2013.

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AMCON has invited Expression of Interest (EOI) from the interested buyers by 16 May 2014.

Following the evaluation of EOIs, the group is expected to shortlist buyers, with whom, it would continue the process of divestment.

AMCON has also appointed Banwo and Ighodalo as legal advisers for the process.

In addition, the company is also keen to divest its other wholly-owned bank Enterprise Bank, and has already commenced the process.

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