Skye Bank Plc plans to sell units outside the country to ease pressure on capital buffers, Bloomberg reported yesterday.
According to the news agency, which cited sources familiar with the matter, the lender is seeking to dispose of majority stakes in its business in Gambia, Guinea and Sierra Leone.

It stated that Greenwich Trust Limited had been hired as financial adviser on the deals in which bidders must submit expressions of interest by November 18.

The Central Bank of Nigeria (CBN) provided Skye Bank with a loan shortly after ousting its management to ensure its operations didn’t suffer from a run on deposits, the regulator said at the time.

The lender is seeking to drop its international banking licenses so it no longer needs to have a capital adequacy ratio of 15 per cent and become a national bank that only needs a Capital Adequacy Ratio (CAR) of 10 per cent, one of the sources said.