Four of its local subsidiaries were sold for a total of N6.2 billion. The bank is in the process of divesting from its other subsidiaries.
No word on its results
The bank, however, did not make mention of when it would release the backlog of results. It last released its results for the 12 months ended December 2015, at a period when other banks are preparing to release their half-year 2018 results.
Skye Bank closed at N0.72 in today’s trading session on the NSE, up 9.09%. Year to date, the stock is up 44% and was one of the best performing in the banking sector from January to June.
Skye Bank Plc is a product of the merger of five legacy banks as a result of the banking industry consolidation and recapitalisation exercise of 2005.
The legacy banks were Prudent Bank Plc, EIB International Plc, Bond Bank Limited, Reliance Bank Limited and Co-operative Bank Plc.
Then CBN Governor, Charles Soludo moved the minimum capitalisation requirements for banks from N2 billion to N25 billion. The move led to several mergers and acquisitions in the banking industry, as well as a rush to the capital markets to raise the required funds.