skye bank

I mentioned some days ago that Skye Banks is looking to raise equity to increase its Capital Adequacy Ratio. Reuters has confirmed as follows;

Skye Bank Plc has won shareholders’ approval to raise N50 billion ($316 million) in capital to expand its operations and boost its balance sheet, the mid-tier lender said in a statement on Tuesday.“The bank would raise Tier 11 capital before the end of the third quarter and seek additional funds through Tier 1 issue in the nearest future,” CEO, Kehinde Durosinmi-Etti, said in the statement.Tier 11 capital refers to debt while Tier 1 is equity.The lender said it won shareholders’ vote last Wednesday to raise the funds by way of debt or equity at home or abroad.

Bua group

Skye bank gets approval to raise N50bn

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.