Operations
Skye Bank PLC has evolved into one of the top financial institutions in Nigeria, after its very seamless consolidation exercise in 2006.
It operates as a group that provides facets of financial products and services powered by a purpose built technological framework that supports the service delivery process to customers.
With a cumulative wealth of experience that spans over 50 years, Skye Bank is historically one of the oldest banks in Nigeria and West Africa. They are quoted on the Nigerian Stock Exchange with over 450,000 diverse shareholders with a shareholding structure that puts no more than 5% in the control of any one individual or company.
Skye Bank:
• has shareholders’ fund in excess of N94 billion.
• has excellent customer service driven by passionate staff and supported by investments in world class Information Technology.
• has strong Corporate, Commercial, retail and investment banking.
• has over 220 online and real-time branches across Nigeria, with presence in Sierra Leone, the Gambia and Guinea Republic.
• is a major in player in Telecommunications, Oil & Gas, Power, Manufacturing, Transportation and Infrastructural financing.
• has investments in subsidiary and associate companies in growth potential sectors of Insurance, Capital Markets, Mortgage Finance and Trustee/Asset Management.
Operations and Services
To date it operates out of over 260 branches and transaction centers across Nigeria serviced by over 6000 professional Bankers and business experts within a N1 Trillion ($7 Billion) balance sheet size. In addition we operate 600 ATM machines within our business premises and other strategic business locations spread across Nigeria.
The Bank as part of its growth and expansion strategy began the process of exploring commercial and business opportunities in other African countries. The initial focus was on West African countries, with particular interest in the former English colonies. This primary focus is to develop competencies in countries with similar business culture as Nigeria and hopefully, experiences and successes in these countries will be replicated in other countries in the region.
The following are the countries that are currently covered under the expansion project; Sierra Leone, The Gambia, Liberia, Sao Tome and Principe, Angola, Congo (DRC), Guinea and Equatorial Guinea.
Skye Bank is a leading financial institution in Nigeria, ranked among the top 10 banks. They offer excellent banking services, anchored by a team of seasoned and dedicated staff.
STRENGTHS
• Highly skilled and experienced management staff.
• Strong training and development culture.
• Increasing profitability margins and earnings
• Unprecedented rise in its asset and deposit base making it one of the top 10 banks by assets.
• Strong market perception as one of the leading brands in the banking sector. Highly skilled and experienced management staff.
• Strong training and development culture.
• Increasing profitability margins and Earnings
WEAKNESSES
• Limited branch network which has inhibited its reach in retail banking.
• Relative inability to take full advantage of universal banking.
• Increasing non-performing assets
OPPORTUNITIES
• Expansion into other countries in the African sub-region.
• Opportunity to diversify into other areas of banking thereby reducing its perceived risk profile.
• Political stability would enhance its long term prospects and reduce its exposure.
THREATS
• Increasing competition from banks in the top and mid tier categories.
• Uncertainties in interest rates and other economic indicators would affect its risk exposure.
• Withdrawal of public sector funds from the banking system.
Recommended Readings
Marc Cosentino., Case In Point: Complete Case Interview Preparation, 8th Edition
Micheal Shearn., The Investment Checklist: The Art of In-Depth Research
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