Lagos – Skye Bank Plc on Wednesday said that it would raise fresh capital in the first quarter to beef up capital base and working capital.
Mr Timothy Oguntayo, the bank’s Group Managing Director, stated this in Lagos during the bank’s courtesy at the Nigerian Stock Exchange (NSE).
Oguntayo said that the bank had entered into discussions with some of its key shareholders and strategic potential investors for fresh capital injection.
The bank is currently focusing on retail and commercial banking as it enters a new growth phase with the acquisition of Mainstreet Bank Limited,
He said that the capital raising programme would be completed this first quarter.
Oguntayo said that retail banking, the bank’s new business focus, would be pursued vigorously in 2016 for more attraction.
According to him, the bank is working with the International Finance Corporation (IFC) on the business model and risk management framework and product innovation for its retail business.
He said the bank had commenced structured capacity building programmes for the SME segment.
Oguntayo added that the bank would increase its footprint in strengthening small and medium enterprises (SMEs) businesses.
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According to him, the financial institution has set for itself in the medium to long term, strategies to achieve growth for the good of shareholders and other stakeholders.
The bank’s boss said that the bank would retool the branches acquired from the legacy Mainstreet Bank for the mobilisation of cheap low cost funds and enhancement of the electronic channels to support the branch network to boost its retail banking.
Oguntayo said the bank would continue to improve its structure, practices and resource deployment in risk management to ensure risk diversification. (NAN)