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Skye Bank opts for Holding Company model

Category: Capital Market

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Skye Bank opts for Holding Company model

May 7, 2010

Lagos, Reuters, May 6, 2010 - Nigeria's Skye Bank said on Thursday it was confident of reaching the 100 billion naira minimum capital requirement to qualify as an international bank under proposed new central bank rules.

Skye Bank's chief financial officer Kunle Adedigba said the bank was considering a holding company structure to comply with central bank's proposed review of the universal banking model.

"It's likely we end up with a holding company structure. We are currently working with our consultants to determine the best option," he told a conference call.

Adedigba said Skye was aiming for return on equity of 20 percent in 2010, rising to 50 percent next year, on a par with 2008 levels. He said the bank was looking to grow its loan book by 20 percent this year.

Adedigba said the bank could consider raising additional capital by either debt or equity but gave no further details.

© Thomson Reuters 2010

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