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Home Industries Company News

Official: Skye Bank Secures $150m Tier-2 Capital

Nairametrics by Nairametrics
May 23, 2014
in Company News, Politics
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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.

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“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.

http://www.thisdaylive.com/articles/skye-bank-secures-150m-tier-2-capital/179203/

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