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Nigeria Skye Bank To Secure Debt, Offer Shares This Year

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Nigeria's Skye Bank is in the process of securing $104 mln in Tier II capital from two European development financial institutions by July and plans to launch a share sale before the end of the year, the lender said on Friday.

The mid-tier lender is working with Renaissance Capital as adviser to launch the share sale of around 30 bln naira ($185 million) to institutional investors, the bank's spokesman said.

He said Skye Bank was among four other local lenders bidding to buy one of the three nationalised Nigerian banks up for sale.