Foreign investors based in Europe and the United States (U.S.) have boosted Skye Bank's capital base by N12.5 billion ($100 million). In partnership with Skye Bank's local financial advisers, Rembrandt Advisory Services Limited, Standard Bank (International Operation) facilitated the offer.

According to Ben Kruger, Chief Executive of Corporate and Investment Banking, Standard Bank Group was "delighted to be able to partner Skye Bank and its ambitious plans in this innovative deal. We were confident on a successful deal despite the heightened volatility in the market, considering the potential of Skye Bank and the Nigerian banking sector in general."

The deal, which is highly innovative, met the needs of both Skye Bank and the investors as it allows for potential equity investment in the bank. It also affords the bank the necessary in-road into the international capital market. At the bank's Annual General Meeting (AGM) held recently in Kaduna, Kaduna State, shareholders approved a proposal of the board of directors to raise additional funds from the capital market, foreign or local institutional investors by way of equity, bonds, convertible loans or other debt instruments for such amounts as may be required from time to time. This first phase is expected to be followed by an equity offering in the near future.

Mr. Akinsola Akinfemiwa, Managing Director and Chief Executive of Skye Bank Plc, said: "International investors were impressed by our balance sheet size of N235.96 billion (as at June 30, 2007), which equates to approximately $1.89 million. Moreover, our profit before tax of N4.64 billion for the nine months ended on the same date also reassured foreign investors of our path to better profitability in the years ahead. They were able to compare it with the profit before tax of N2.09 billion achieved at the end of our first financial year ended September 30, 2006. By promoting our strengths, Skye Bank and Standard Bank were able to counter the negative trends and perceptions in the international capital market."

The deal between Skye Bank and Standard Bank has already received necessary approval from the Central Bank of Nigeria (CBN), as well as regulators of the capital market such as the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). Akinfemiwa added that this new injection of funds was the first phase of the bank's plan to raise additional $500 million capital within the next 12 months. He said Skye Bank would also approach the capital market, both local and international, in the first quarter of 2008.

Skye Bank is a full service bank, ranked ninth in Nigeria by assets, with a diversified product base and nationwide network, serving the needs of both private and public sectors of the Nigerian economy. The bank parades a strong information technology (IT) platform, which allows it to deliver superior customer service through diverse channels as well as ability to deepen customer relationships.