We have Stabilized Skye Bank, Says Abiru

The Management of Skye Bank says it has in its efforts to stabilize the bank, successfully implemented cost management initiatives which has enhanced liquidity and efficient service delivery to its customers since the regulatory induced take-over of the bank one year ago.

The Bank also noted that it has as part of its aggressive recovery initiatives, recovered over N60b of outstanding bad loans over the past one year, “We have also reached settlement and restructuring agreements with many of the chronic bad debtors resulting in substantially improved payments and prospects of future recoveries.” Says the bank. In an eight paragraph statement issued by the bank yesterday and signed by its Chairman and Group Managing Director, Messrs. M. K Ahmad and Tokunbo Abiru, the bank noted that through the support of its regulators, the CBN it has successfully embarked on initiatives to restructure and reposition the bank based on its broad mandate which includes cost management and optimization, as well as divestments to improve the institution's financial position. Such cost containment measures include: branch rationalization, review of service contracts and cash management operations which have resulted in hundreds of millions of financial savings. Further noting some of its achievements, the bank stated that it has successfully arrested and managed the post-intervention situation and have to a large extent, stemmed the tide and reduced deposit loss, thereby restoring customer confidence and stabilizing the institution. It further noted that the new management has successfully settled many matured trade and bilateral obligations and restructured outstanding balances with the relevant institutions and counterparties. The bank also reported that it has fully divested from four local subsidiaries releasing total cash value of N6.2billion, and is in the process of divesting from others. Skye Bank is one of Nigeria’s leading retail banks with a wide range of electronic solutions and services, promoting consumer lifestyle and e-commerce experience especially within the retail, and SME banking space.