Skye Bank

Skye Bank plc.
Public: NSE: SKYBANK
Industry Financial Services
Founded 2006 - 2018
Headquarters 3 Akin Adesola Street
Victoria Island, Lagos, Lagos State, Nigeria
Key people
 Mr. M.K. Ahmad
Chairman
Mr. Tokunbo Abiru
Chief Executive Officer
Products Banking and Financial Services
Total assets US$3.9+ billion (2010)
Number of employees
 60+ (2008)
Website polarisbanklimited.com

Skye Bank Plc., now known as Polaris Bank, was a commercial bank based in Nigeria. It was one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.[1][2]

Overview

Skye Bank is a large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea. As of September 2010, the bank's total assets were valued in excess of US$3.9 billion (NGN:611.5 billion), with shareholders' equity of approximately US$630 million (NGN:98.4 billion).[3]

History

The origins of Skye Bank date back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it rebranded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc.:

  • EIB International Bank Plc.
  • Bond Bank Limited
  • Reliance Bank Limited
  • Co-operative Bank Plc.

In January 2011, the bank introduced a Naira-denominated MasterCard debit card, called "MasterCard Verve", the first of its kind in Nigeria. The bank also offers Internet banking and mobile banking.[4]

In 2014, the bank acquired Mainstreet Bank Limited.

Subsidiaries

As of February 2011, Skye Bank Plc. maintains the following subsidiaries:[5]

  1. Skye Mortgage Bankers Limited - Paid up share capital of US$6.42 million (NGN:1 billion)
  2. Skye Stockbrokers Limited - Dealing member at Nigerian Stock Exchange (NSE)
  3. Law Union and Rock Insurance Plc. - 51.95% shareholding in 2007
  4. Apex Integrated Technologies Limited - IT Solutions Company
  5. Skye Trustees Limited - Licensed by the Securities and Exchange Commission (SEC) to function as a Trustee and Funds Manager in the capital market.
  6. Skye Financial Services - Paid up capital of US$12.84 million (NGN:2 billion). Asset management, corporate finance and securities underwriting
  7. Skye Bank Sierra Leone Limited - 95% shareholding by Skye Bank Plc. 5% owned by Sierra Leonean investors. Paid up capital of US$3.1 million (SLL:13.85 billion) in 2008.
  8. Skye Bank Gambia - Paid up capital of US$3.1 million (GMD:87.8 million) in 2008.
  9. Skye Bank Guinea - Opened in April 2010.
  10. Skye Bank Resources Ltd - Opened in 2008 [6]

Ownership

The shares of stock of Skye Bank Plc. are listed on the Nigerian Stock Exchange, where they trade under the symbol: SKYEBANK. The detailed shareholding in the bank is not publicly available at the moment. On 21 September 2018, Godwin Emefiele, the Governor of the Central Bank of Nigeria announced in Lagos that the apex bank had repealed the operating licence of Skye Bank.[7][8][9] Emefiele also stated that the assets and liabilities of the bank would be taken over by a new entity, Polaris Bank[10] due to the inability of the Skye Bank's shareholders to adequately recapitalise the bank after the 2016 intervention.[11]

Branch Network

Skye Bank Plc. maintains an interlinked branch network of over two hundred and sixty (260) branches in all parts of Nigeria. The bank maintains her headquarters at 3 Akin Adesola Street, Victoria Island, Lagos, Nigeria.

Governance

Effective 2016, the Chairman of the Board is M. K. Ahmad, who chairs the sixteen (16) member Board of Directors. The Chief Executive Officer and Group Managing Director is Mr. Tokunbo Abiru.

See also

References

  1. ↑ "List of Licensed Commercial Banks In Nigeria". Cenbank.org. Retrieved 2013-02-18.
  2. ↑ "Nigeria's Central Bank takes over Skye Bank". Premium Times. Retrieved 12 October 2018.
  3. ↑ Unaudited Financial Report: September 2010 Archived January 4, 2011, at the Wayback Machine.
  4. ↑ "Nigeria: Skye Bank Unveils First Mastercard Verve". Daily Champion (Lagos). 2011-01-27. Retrieved 2017-08-29.
  5. ↑ "Subsidiaries of Skye Bank Plc". Skyebankng.com. 2011-09-16. Retrieved 2013-02-18.
  6. ↑ Monteiro, Ana (2010-04-20). "Skye Bank Opens In Guinea". Bloomberg.com. Retrieved 2013-02-18.
  7. ↑ "UPDATED: CBN revokes Skye Bank's licence, Polaris Bank takes over". Punch Newspapers. Retrieved 2018-10-09.
  8. ↑ "Breaking: Skye Bank's operating licence revoked by CBN - Vanguard News". Vanguard News. 2018-09-21. Retrieved 2018-10-09.
  9. ↑ siteadmin (2018-09-21). "BREAKING: CBN Revokes Skye Bank's Licence | Sahara Reporters". Sahara Reporters. Retrieved 2018-10-09.
  10. ↑ "CBN revokes Skye Bank's licence, Polaris Bank to take over assets - TheCable". TheCable. 2018-09-21. Retrieved 2018-10-09.
  11. ↑ "Why CBN revoked Skye Bank licence - Vanguard News". Vanguard News. 2018-09-21. Retrieved 2018-10-09.
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