Wednesday, December 05, 2007

Skye Bank to open branches in 3 West African countries

image Skye Bank Plc is about opening its business offices in Sierra Leone, the Gambia and Ghana in a move to take its services and offerings to the West Coast.
The bank also intends to build a strong group structure that will allow it to take maximum market advantage in other segments of the financial industry.
Managing Director/Chief Executive Officer of the bank, Mr. Akinsola Akinfemiwa, dropped these hints recently in London at the Renaissance Capital Sub-Saharan Africa conference organized to sensitize foreigners about the investment potentials in the region.
Akinfemiwa explained that the bank growth strategy would incorporate growing its revenue along income line from retail/commercial banking products through the strengthening of its branch network and making its services easily available to this clients segment.
Besides, he said the bank intends to increase its business outlets to 450 before the end of year 2010, adding that the business outlet strategy stipulates outlet model/types that are designed to suit its main verticals.
Specifically, he said the bank has strategically positioned itself to focus on investment banking, corporate finance, as well as retail and consumer banking.
The Skye Bank boss also revealed that the bank was pursuing an aggressive regional expansion in Sub-Saharan Africa as part of its strategy of ensuring that it has presence where its revenue profile could be enhanced.
The bank strives to grow its business by focusing on mobilization of huge low cost deposit and fee based services available in the retail/consumer-banking segment of the market, he said.
Akinfemiwa also presented the bank unaudited full year result ended September 30, 2007 which saw the banking posting a profit after tax of N7 billion as against N1.9 billion during the corresponding period in 2006. The growth in profitability represents 467 per cent.
Gross earnings also rose by 84 per cent from N20.7 billion in 2006 to N38.1 billion during the review period, while its total assets grew substantially to N439 billion as against N170 billion in 2006.
Skye Bank has as its strategic goals, the desire to be one of the top five banks in Nigeria by 2010 by all indices, have and maintain 10 per cent of the total industry business outlets in high gross domestic product (GDP) area in the country.
It also wants to be the leading bank in e-banking products and services maintains its leadership role in the South West region of the country and play a leading role in public sector business at all tiers of government.

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