Skye Bank Plc is in talks to raise N30 billion from existing and new investors before the end of the year to bolster its capital base, its chief executive, Timothy Oguntayo said on Monday.

He told investors that the bank had identified some shareholders who were willing to support the cash call, part of which is meant to help the bank prepare as the country adopts stricter international requirements.

“With or without changes in the macro-economic environment, our existing shareholders have shown some interest in the offering,” he said, referring to a weaker currency and lower oil price that have hampered Nigeria’s outlook as an investment destination.

Recall that the bank had said in April it planned to raise N50 billion.

It said it had so far this year restructured N65 billion in loans, about 30 per cent of which were to clients in the oil and gas sector.

Loans grew by 14 per cent in the half year to N657 billion and it set loan growth guidance of 5 per cent this year.
Oguntayo said “the central bank was restructuring N27 billion of short-term loans Skye made to state governments to 20-year maturities, paying a 16 per cent coupon. The restructured loans will qualify as liquid assets.”

Skye Bank also said it was weighing a decision to adopt a holding company structure and retain its subsidiaries or divest them. It expected to complete the process by the second quarter of next year.