NSE: Skye Bank eye appropriate share price

Skye Bank of Nigeria Plc has said it is working to ensure appropriate pricing of its shares at the Nigerian Stock Exchange (NSE) by providing timely information to the stock market.

Speaking during the closing Bell ceremony on the floor of the NSE on Thursday, Group Managing Director/CEO of Skye Bank, Mr. Timothy Oguntayo stated that Skye Bank was at the NSE to express its appreciation to the Exchange for its support over the last ten years of its operation.

He said the bank would be back in March this year to present its facts behind the figure to the exchange.

Asked what the bank was doing to ensure appropriate pricing of its stock at the exchange, he explained that although it is not the job of banks or other listed corporate bodies to ensure appropriate pricing of their shares, we are doing the best we can to supply all the necessary information to the NSE to ensure appropriate pricing of our shares.

According to him, the bank which will celebrate its 10th anniversary in February this year has done very well and has been able to manage its merger with other banks successfully. “When we came on board in 2006, we were an unknown quantity, people were calling us different kinds of names, but today we have become a brand that is unmistakable. Before the acquisition of Main Street Bank, we had 250 branches, I recall that when we became Skye Bank, we had less than 150 branches, and we have grown in various indices over the years.

“The economy has also gone through different transformations in the last 10 years and we have also been affected equally. There have been ups and downs, but on the average, we have done better than what we started with,” Oguntayo said.

Asked if the bank laid off some members of staff recently, Oguntayo said that Skye Bank was a performance driven organisation and staff performance is judged by laid down deliverables.

He said at the time of acquisition of Main Street Bank, the staff strength was rather high and they had to employ a well-known human resources consultant who assessed the work force from both banks through a very transparent process and those who scaled through were retained.

With staff strength of more than 4000 nationwide, Skye Bank Plc has evolved into one of the top financial institutions in Nigeria, after its very seamless consolidation exercise in 2006.

It operates as a group that provides facets of financial products and services powered by a purpose built technological framework that supports the service delivery process to customers.