LAGOS—SKYE Bank Plc and Sterling Bank Plc have concluded plans to apply for international and national banking licences respectively.

Intercontinental Bank Plc has also restated its commitment to retain its international banking status in whichever arrangement the institution eventually finds itself after the ongoing recapitalisation exercise.

These developments are in line with the directive of the Central Bank of Nigeria, CBN, that banks indicate the market segment of their choice between October and the end of the year under the new banking dispensation, which abolished universal banking and stratified the market into regional, national and international.

Regional banks, by the new banking rules, require a capital base of N10 billion while national and international banks need a capital base of N25 billion and N50 billion respectively.

Syke Bank said in a statement, yesterday, that its preference for international banking licence was informed by its desire to take advantage of the business opportunities in the West Coast and other parts of the world where business opportunities abound.  The bank already has subsidiaries in Sierra Leone, the Gambia and Guinea.

N100bn capital

The statement said Skye Bank currently has almost N100 billion capital  and would soon embark on phased capital raising exercises to bolster its share capital. The bank said it was strong enough to play in the international market.

Syke Bank had last August sought to raise N15 billion by way of special placement with the exercise achieving over 97 per cent subscription as part of the strategy to bolster its strength and position for leadership in the industry.

In a related development, Group Managing Director, Sterling Bank, Mr. Yemi Adeola, said that given the  new dispensation, the bank, which has over N30 billion in capital, would apply for a national banking licence. He said Sterling Bank is also making all the necessary arrangements that would allow the institution play in the global arena.

“By virtue of our capital, we are already a national bank and things are really looking up. We (Sterling Bank) doing well as a bank and we will soon announce our nine months results, which very encouraging. Sterling Bank was one of the 10 banks that passed the first CBN audit exercise

that was concluded in August last year. Also, Group Managing Director,  Mr Mahmoud Lai Alabi, said the institution for now, would retain its international status in which ever arrangement it eventually finds itself after the ongoing recapitalisation exercise.   He said in spite of what the bank went through last year, “Intercontinental Bank remains solid and liquid.”