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Skye, Sterling Banks Set for New Licences

Category: Capital Market

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Skye, Sterling Banks Set for New Licences

By Obinna Chinma, 10.24.2010 

Skye Bank Plc and Sterling Bank Plc have concluded plans to apply for  international and national banking licences respectively. Intercontinental Bank Plc has also restated its commitment to retain its  international banking status inwhichever arrangement the institution eventually  finds itself after the ongoing recapitalisation exercise.  

These developments are in line with the directive of the Central Bank of Nigeria  (CBN) that banks indicate the market segment of their choice between October and  the end of the year under the new banking dispensation, which abolished  universal banking and stratified the market into regional, national and  international.Regional banks, by the new banking rules, require a capital base of N10 billion  while national and international banks need a capital base of N25 billion and  N50 billion respectively.

Syke Bank said in a statement yesterday that its preference for international  banking licence was informed by its desire to take advantage of the business  opportunities in the West Coast and other parts of the world where business  opportunities abound. 

The bank already has subsidiaries in Sierra Leone, the  Gambia and Guinea.The statement said Skye Bank currently has almost N100 billion capital  and  would soon embark on phased capital raising exercises to bolster its share  capital.

Source: ThisDay

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