Bloomberg is reporting that Skye Bank Plc has taken a decision to drop its international banking license. This decision means, Skye Bank will no longer have branches outside Nigeria and will not only operate in Nigeria.
According to the report, this decision was taken to ensure that the bank is no longer compelled to have a capital adequacy ratio (CAR) of 15%. Based on this, the bank is now seeking to dispose off majority stakes in its businesses in Gambia, Guinea and Sierra Leone. Greenwich Trust Ltd. was hired as financial adviser on the deals in which bidders must submit expressions of interest by Nov. 18.
Skye Bank, which is yet to release any results in 2016, had a CAR of 12 percent at the end of 2015.