Skye Bank Shareholders Approve N50billion Capital Raising

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I mentioned some days ago that Skye Banks is looking to raise equity to increase its Capital Adequacy Ratio. Reuters has confirmed as follows; Skye Bank Plc has won shareholders’ approval to raise N50 billion ($316 million) in capital to expand its operations and boost its balance sheet, the mid-tier lender said in a statement […]

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I mentioned some days ago that Skye Banks is looking to raise equity to increase its Capital Adequacy Ratio. Reuters has confirmed as follows;

Skye Bank Plc has won shareholders’ approval to raise N50 billion ($316 million) in capital to expand its operations and boost its balance sheet, the mid-tier lender said in a statement on Tuesday.“The bank would raise Tier 11 capital before the end of the third quarter and seek additional funds through Tier 1 issue in the nearest future,” CEO, Kehinde Durosinmi-Etti, said in the statement.Tier 11 capital refers to debt while Tier 1 is equity.The lender said it won shareholders’ vote last Wednesday to raise the funds by way of debt or equity at home or abroad.