Skye Bank Plc to Sell Offshore Subsidiaries, Including Gambia

skye bank plc selling subsidiaries

Skye Bank Plc a Nigerian based commercial bank is planning to dispose of its majority stakes in the operations of Skye Bank Gambia, Guinea and Sierra Leone, according to Bloomberg reports.

The Bloomberg reports also stated that the bank wants to drop its international banking licenses to ease pressure on capital buffers. Currently, international banking licensee in Nigeria are required to maintain 15% capital adequacy ratio (CAR), whiles national banks only needs a CAR ratio of 10 percent. Skye Bank had a CAR of 12 percent at the end of 2015.

On the 4th July 2016, the Central Bank of Nigeria had replaced the management of Skye Bank Plc after breaching liquidity thresholds.

Skye Bank has plunged 64 percent this year, the biggest decline in the 171-member Nigerian Stock Exchange All Share Index after Forte Oil Plc. The central bank provided Skye bank with a loan shortly after removing its management to ensure its operations didn’t suffer from a run on deposits, the regulator said at the time.

About Skye Bank Plc

Skye Bank Plc is one of Nigeria’s leading retail and commercial banks with over 373 branches and cash centres across Nigeria offering premium financial services, with subsidiaries in sierra Leone, The Gambia and Guinea.

The bank commenced operations in 2006 and has become one of the foremost financial institutions in the Nigerian banking industry, playing a pivotal role in the success of many businesses, creating wealth and promoting entrepreneurship.

Source : Bloomberg Website

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