Skye Bank gets shareholders' approval raise N50 billion

Skye Bank has received shareholders' nod to  raise N50 billion in capital to expand its operations and boost its balance sheet.

The bank said in a statement on Tuesday it would raise the money before the end of the third quarter.

'The bank would raise Tier 11 capital before the end of the third quarter and seek additional funds through Tier 1 issue in the nearest future,' the bank's Managing Director/ Chief Executive Officer,  Kehinde Durosinmi-Etti, said in the statement.

Tier 11 capital refers to debt while Tier 1 is equity.

The lender said it won shareholders' vote last Wednesday to raise the funds by way of debt or equity at home or abroad.

The bank though with healthy profit growth in 2012 was believed by industry analysts to have underachieved its potential.