Skye Bank Outlines Recapitalization, Future Plans

…Warns debtors and social media detractors

Skye Bank has appointed a very reputable investment bank as financial advisers for its proposed recapitalization programme paving the way for a defined future for the leading financial institution classified as a Systematically Important Bank (SIB).

The disclosure, which was contained in a statement issued and signed by the bank’s Chairman and Group Managing Director, Messrs. M. K Ahmad and Tokunbo Abiru, indicated that the financial advisers have identified the various options open to the bank for recapitalization and proposals are being considered by CBN accordingly.

The statement also noted that Skye Bank has submitted its 2016 financial accounts to the CBN for approval.

According to the statement, since the change in leadership in July 2016, efforts have been made to reposition the institution and put it back on the path of sustainable growth. Those efforts have stabilized the bank and restored customer confidence through uninterrupted banking services.

The bank has recorded significant loan recoveries and improved security documentation; giving the bank the needed leverage to recover on its delinquent loans.

The management of Skye Bank thanked the CBN for the guarantees, waivers and other forbearances over the course of the last one year which have also now been extended for another year.  Restating its commitment to chart a sustainable future for the bank, the bank also noted that it has reached settlement and restructuring agreements with many of the chronic bad debtors resulting in substantially improved payments and prospects of future recoveries.

Commenting on the vicious social media campaigns against the bank, the statement berated the sponsors of such messages whom it noted as acting in the hope of escaping lawful debt obligations or accountability for past misdeeds. The bank further restated its commitment towards ensuring that all those who are found to have committed economic crimes and infractions are brought to justice.

The statement noted that the bank working closely with CBN and its financial advisers have identified clear and viable options for recapitalizing the bank and repositioning it for future growth assuring its  stakeholders – customers, employees, shareholders, institutional partners and regulators of  its continuing commitment to the success and sustainability of the institution.

Skye Bank is one of Nigeria’s leading retail banks with a wide range of electronic solutions and services, promoting consumer lifestyle and e-commerce experience especially within the retail, and SME banking space.

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