Skye Bank has revealed that it is seeking to raise fresh capital in the first quarter of 2016 in a bid to shore up its capital base. This was disclosed by the company’s  Group Managing Director/Chief Executive Officer of the Bank, Mr. Timothy Oguntayo at an at an interactive session with top stockbrokers in Lagos on Tuesday.

According to reports, the CEO claimed that the bank is already in discussions with its key shareholders and some potential strategic investors who they believes provide the required capital. The sell-offs in the capital market has impacted negatively on fund-raising activities in the capital market with investors preferring to pitch institutional investors or shareholders with significant equity stake.

Skye Bank is said to have a capital adequacy ratio of 15.87%. The bank also reported an earnings per share of 91 kobo in the first 9 months of 2015 compared to 75 kobo a year earlier. The share price is down 46% in the last one year and closed just at N1.11 on Wednesday.

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.