Skye Bank outlines recapitalisation, future plans

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Skye Bank Plc says it has appointed a reputable investment bank as its financial adviser for its proposed recapitalisation programme.

A joint statement, signed by the bank’s Chairman, M. K Ahmad, and the Group Managing Director, Mr. Tokunbo Abiru, indicated that the financial adviser had identified the various options open to the bank for recapitalisation and proposals were being considered by the CBN accordingly.

The statement also noted that Skye Bank had 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 had stabilised the bank and restored customer confidence through uninterrupted banking services, it stated.

The bank, it added, had recorded significant loan recoveries and improved security documentation, giving the lender the needed leverage to recover its delinquent loans.

The statement quoted the management of Skye Bank as thanking the CBN for the guarantees, waivers and other forbearances over the course of the last one year.

These have also been extended for another year, according to the lender.

Restating its commitment to chart a sustainable future for the bank, the bank also noted that it had 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 were 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 found to have committed economic crimes and infractions were brought to justice.

The statement noted that the bank, working closely with the CBN and its financial advisers, had identified clear and viable options for recapitalising the bank and repositioning it for future growth.

It assured its stakeholders-customers, employees, shareholders, institutional partners and regulators of its continuing commitment to the success and sustainability of the institution.

Skye Bank, designed by the CBN as a Systemically Important Bank, is one of the country’s retail banks with a wide range of electronic solutions and services.

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