Skye Bank Commends Market Operators at 10, target high Net worth Investors.

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The Managing Director of Skye Bank Plc, Timothy Oguntayo has commends market operators for supporting the bank in the past 10 years. Oguntayo disclosed this on the floor of Nigerian Stock Exchange (NSE) during closing of the Gang ceremony to celebrate 10 years of the bank existence after its initial merger, before the recent acquisition of Mainstreet Bank Limited last year.

While addressing the press, he explained that the past ten years has been with ups and downs, but the positive surpass the negative. He said the bank will be targeting some high net worth investors that can inject more funds into the bank, in order to finance some of its projects.

According to him the fund raising will not take the old approach of sourcing for funds but attention will be on few investors. He said going forward, the bank will continue to focus on financing the Small and Medium Enterprises (SME) as part of the bank initiative to support the Central Bank of Nigeria (CBN) policies of developing more products for export purposes.

Parts of the areas includes agriculture and its value chains, especially rice production among others. Although, he noted that the bank has done well in the areas corporate and commercial banking, pointing out that the bank will continue support corporate projects in the country.

In view of the uncertainty in the market, he said the bank has retool its risk management framework by engaging professionals that can minimize risk associated to lending in the country. Commenting on the visit of Skye Bank Management team, doyen of the day, Alhaji Rasheed Yusuf, urged Skye Bank to make sure that there financial reports are released in time, because that is the only way the bank share will get fair pricing from existing and prospective shareholders.

The Skye Bank Managing Director assured market operators that the bank will come and do a facts behind the figures in other to explain the operation of the banks. Stressing that efforts to mobilize deposit from the retail end is ongoing through electronic channels and retooling of branches across the country.

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