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Skye Bank Re-strategises for Efficiency

Category: Investors NewsBeat

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Skye Bank Re-strategises for Efficiency

By Emele Onu, 06.09.2010

Skye Bank Plc has realigned and refocused its business policy in a move geared towards greater efficiency and resource optimization in line with its growth and industry leadership agenda.According to a statement by the bank, the new business policy emphasises up scaling the bank’s activities in the strategic sectors of the economy as well as concentrating on and deploying its expertise and competences to specific business areas where it enjoys comparative business advantage.

The new arrangement has led to a review of the bank’s out-sourcing policy on staff and other third party supply process in order to streamline its staff engagement process. The bank explained that because of its new business and operational focus, it has discontinued its Direct Sales Agents (DSAs) structure, by which contract officers mobilize retail deposits on its behalf. Consequently, such Direct Sales Agents are no longer engaged for its retail business.

The DSAs were first engaged about two years ago to mobilise retail liabilities (savings and current accounts) to deepen the retail business of the bank. However, with the change in the business focus of the bank, their continued need has been overtaken by events.A leading international finance and research firm, Renaissance Capital recently adjudged Skye Bank Plc as the fifth largest bank in Nigeria following the recently concluded CBN/NDIC special audit of all the money deposit banks.

According to the  November report of the firm, Skye Bank was described as a strong player in some of the country’s most cash-rich states, including Lagos and Rivers States and controls 4 per cent market share.Similarly, the report said in addition to having physical presence in its core markets, the bank built a leading e-platform  which has allowed it to become an industry leader in internally generated revenues as well as building a Tier 1 network of automated teller machines (ATMs ) and point of sales terminals.





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