Skye Bank

Skye Bank Plc.
Public: NSE: SKYBANK
Industry Financial Services
Founded 2006
Headquarters 3 Akin Adesola Street
Victoria Island, Lagos, Nigeria
Key people
 Mr. M.K. Ahmad
Chairman
Mr. Tokunbo Abiru
Chief Executive Officer
Products Banking and Financial Services
Total assets US$3.9+ billion (2010)
Website www.skyebankng.com

Skye Bank Plc., commonly known as Skye Bank, is a commercial bank based in Nigeria. It is one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.[1]

Overview

Skye Bank is a large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea. As of September 2010, the bank's total assets were valued in excess of US$3.9 billion (NGN:611.5 billion), with shareholders' equity of approximately US$630 million (NGN:98.4 billion).[2]

History

The origins of Skye Bank date back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it rebranded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc.:

In January 2011, the bank introduced a Naira-denominated MasterCard debit card, called "MasterCard Verve", the first of its kind in Nigeria. The bank also offers Internet banking and mobile banking.[3]

In 2014, the bank acquired Mainstreet Bank Limited.

Subsidiaries

As of February 2011, Skye Bank Plc. maintains the following subsidiaries:[4]

  1. Skye Mortgage Bankers Limited - Paid up share capital of US$6.42 million (NGN:1 billion)
  2. Skye Stockbrokers Limited - Dealing member at Nigerian Stock Exchange (NSE)
  3. Law Union and Rock Insurance Plc. - 51.95% shareholding in 2007
  4. Apex Integrated Technologies Limited - IT Solutions Company
  5. Skye Trustees Limited - Licensed by the Securities and Exchange Commission (SEC) to function as a Trustee and Funds Manager in the capital market.
  6. Skye Financial Services - Paid up capital of US$12.84 million (NGN:2 billion). Asset management, corporate finance and securities underwriting
  7. Skye Bank Sierra Leone Limited - 95% shareholding by Skye Bank Plc. 5% owned by Sierra Leonean investors. Paid up capital of US$3.1 million (SLL:13.85 billion) in 2008.
  8. Skye Bank Gambia - Paid up capital of US$3.1 million (GMD:87.8 million) in 2008.
  9. Skye Bank Guinea - Opened in April 2010.
  10. Skye Bank Resources Ltd - Opened in 2008 [5]

Ownership

The shares of stock of Skye Bank Plc. are listed on the Nigerian Stock Exchange, where they trade under the symbol: SKYEBANK. The detailed shareholding in the bank is not publicly available at the moment.

Branch Network

Skye Bank Plc. maintains an interlinked branch network of over two hundred and sixty (260) branches in all parts of Nigeria. The bank maintains her headquarters at 3 Akin Adesola Street, Victoria Island, Lagos, Nigeria.

Governance

Effective 2010, the Chairman of the Board is M. K. Ahmad, who chairs the sixteen (16) member Board of Directors. The Chief Executive Officer and Group Managing Director is Mr. Tokunbo Abiru.

See also

References

  1. ↑ "List of Licensed Commercial Banks In Nigeria". Cenbank.org. Retrieved 2013-02-18.
  2. ↑ Unaudited Financial Report: September 2010 Archived January 4, 2011, at the Wayback Machine.
  3. ↑ Skye Bank Unveils First MasterCard Verve
  4. ↑ "Subsidiaries of Skye Bank Plc". Skyebankng.com. 2011-09-16. Retrieved 2013-02-18.
  5. ↑ Monteiro, Ana (2010-04-20). "Skye Bank Opens In Guinea". Bloomberg.com. Retrieved 2013-02-18.
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