As part of efforts to expand its operations, Skye Bank Plc Thursday disclosed that it has raised about $150 million tier-2 capital.
The bank’s Group Managing Director designate, Mr. Timothy Oguntayo, said this at a media briefing in Lagos. According to Oguntayo, tier-2 capital is like a loan to the bank and has a maturity of not less than seven years.
The fund was sourced from Development Finance Institutions (DFIs) based in Europe.
“As at today (yesterday), we have concluded about $150 million of tier-2 capital raising. One-third of that will come in before June and the balance of that will come in before the end of June. Tier-2 is semi-equity by the Central Bank of Nigeria (CBN) calculation.
“So our tier-2 capital raising is going as planned and should be available for us to use by the second half of this year,” Oguntayo explained.
News continues after this ad