Skye Bank
Encyclopedia
Skye Bank Plc., commonly known as Skye Bank, is a commercial bank
based in Nigeria
. It is one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria
, the country's banking regulator.
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
. , 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).
. 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., namely:
In January 2011, the bank introduced a Niara-denominated MasterCard debit card
, called "MasterCard Verve.", the first of its kind in Nigeria. The bank also offers Internet banking and mobile banking.
of Skye Bank Plc. are listed on the Nigerian Stock Exchange, where they trade under the symbol: SKYBANK. The detailed shareholding in the bank is not publicly available at the moment.
, Lagos
, Nigeria
.
is Mrs. Moronkeji Onasanya, who chairs the sixteen (16) member Board of Directors
. The Chief Executive Officer
and Group Managing Director is Kehinde Durosinmi-Etti.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
based in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. It is one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, the country's banking regulator.
Overview
Skye Bank is a large financial services provider in West AfricaWest Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
and Central Africa
Central Africa
Central Africa is a core region of the African continent which includes Burundi, the Central African Republic, Chad, the Democratic Republic of the Congo, and Rwanda....
. With headquarters in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, the bank maintains subsidiaries in Sierra Leone
Sierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
, The Gambia
The Gambia
The Republic of The Gambia, commonly referred to as The Gambia, or Gambia , is a country in West Africa. Gambia is the smallest country on mainland Africa, surrounded by Senegal except for a short coastline on the Atlantic Ocean in the west....
, the Republic of Guinea, Liberia
Liberia
Liberia , officially the Republic of Liberia, is a country in West Africa. It is bordered by Sierra Leone on the west, Guinea on the north and Côte d'Ivoire on the east. Liberia's coastline is composed of mostly mangrove forests while the more sparsely populated inland consists of forests that open...
, Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
and Equatorial Guinea
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
. , 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).
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 bankMerchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
. 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., namely:
- EIB International Bank Plc.
- Bond Bank Limited
- Reliance Bank Limited
- Co-operative Bank Plc.
In January 2011, the bank introduced a Niara-denominated MasterCard debit card
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
, called "MasterCard Verve.", the first of its kind in Nigeria. The bank also offers Internet banking and mobile banking.
Subsidiaries
, Skye Bank Plc. maintains the following subsidiaries:- Skye Mortgage Bankers Limited - Paid up share capital of US$6.42 million (NGN:1 billion)
- Skye Stockbrokers Limited - Dealing member at Nigerian Stock Exchange (NSE)
- Law Union and Rock Insurance Plc. - 51.95% shareholding in 2007
- Apex Integrated Technologies Limited - IT Solutions Company
- Skye Trustees Limited - Licensed by the Securities and Exchange CommissionSecurities and Exchange Commission (Nigeria)The Securities and Exchange Commission is the main regulatory institution of the Nigerian capital market.It is supervised by the Federal Ministry of Finance....
(SEC) to function as a Trustee and Funds Manager in the capital market. - Skye Financial Services - Paid up capital of US$12.84 million (NGN:2 billion). Asset management, corporate finance and securities underwriting
- Skye Bank Sierra Leone Limited - 95% shareholding by Skye Bank Plc. 5% owned by Sierra LeoneSierra LeoneSierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
an investors. Paid up capital of US$3.1 million (SLL:13.85 billion) in 2008. - Skye Bank Gambia - Paid up capital of US$3.1 million (GMD:87.8 million) in 2008.
- Skye Bank Guinea - Opened in April 2010.
Ownership
The shares of stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Skye Bank Plc. are listed on the Nigerian Stock Exchange, where they trade under the symbol: SKYBANK. The detailed shareholding in the bank is not publicly available at the moment.
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 IslandVictoria Island
Victoria Island is an island in the Canadian Arctic Archipelago and straddles the boundary between Nunavut and the Northwest Territories of Canada. It is the eighth largest island in the world, and at is Canada's second largest island. It is nearly double the size of Newfoundland , and is...
, Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
.
Governance
Effective July 2009, the Chairman of the BoardChairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
is Mrs. Moronkeji Onasanya, who chairs the sixteen (16) member Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
. The Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
and Group Managing Director is Kehinde Durosinmi-Etti.