SkyeBank plans sale of subsidiaries

SkyeBank plans sale of subsidiaries

Skye Bank Plc plans to sell all its local and foreign subsidiaries to boost its capital base and streamline its operations.

The bank’s chief financial officer, Pius Olaoye, who made this known in an interview, says the subsidiaries will be sold if the pricing is right.

The Bank has three subsidiaries in West Africa and ten non-bank companies.

Olaoye says advisers have been appointed to help the bank find buyers of the subsidiaries.

The trouble in the bank began after its using its short term fund to acquire mainstream bank in 2014, and failed to raise fresh capital.

Central Bank of Nigeria later shore up the bank last July with $329 million capital injection, after sacking the bank’s management staff over failure to meet the capital requirement.

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