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Skye Bank floats Gambian subsidiary

By Michael Eboh

Skye Bank Plc has further  extended its operations beyond the shores of the country, as it announced the floating of a subsidiary in the Gambia.

This is following the granting of approval to the bank’s request for a banking license by the Central Bank of Gambia at its meeting earlier in the month of July.
A statement signed by the bank’s Head of Corporate Affairs, Kayode Akinyemi, said Skye Bank (Gambia) Limited, has since begun operations as Skye Bank’s second foreign subsidiary after the opening of Skye Bank (Sierra Leone) Limited.

The statement quoted Skye Bank’s Group Managing Director/Chief Executive Officer, Mr. Akinsola Akinfemiwa, as saying that the opening of the Gambian subsidiary represents another milestone in the bank’s quest at growing its business and expanding the reach of its ethical, professional and customer-driven financial services.
Akinfemiwa disclosed that it plans to undertake further expansion activities in the near future, in line with the objective to become a dominant player in the West African sub-region.

The bank opened its first foreign subsidiary in Sierra Leone, commencing operations on October 1, 2008. The bank also plans to open foreign subsidiaries in other countries like Ghana in consonance with its focus of diversifying its business locations profitably with a view to creating value for its stakeholders.

The bank was recently rated as one of the  “most capitalised” and biggest 15 banks in Africa. The global publication- The Banker magazine-has confirmed what has been a popular observation in the nation’s financial market.
It has a diversified portfolio of holdings in successful subsidiaries spanning financial services, insurance, stock broking, capital market, trusteeship, mortgage and information technology.


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