Skye Bank intensifies focus on retail, commercial banking

As Skye Bank Plc assumes the status of a mega bank following its acquisition of Mainstreet Bank Limited, it will place strong emphasis and focus on retail and commercial banking as a way of bringing about a healthy deposit mix to bring down its cost of funding.  The new business strategy will also allow the bank to reduce the volume of public sector deposit and term deposit at its disposal for enhanced profitability and business sustainability.
Group Managing Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo, disclosed these at the weekend at a forum with stockbrokers which took place in Lagos.
Oguntayo disclosed that the acquisition of Mainstreet Bank and the attendant synergies between the two institutions had given Skye Bank the competitive edge in the industry which it would leverage to deliver quality customer service and high returns to shareholdersThe Skye Bank boss said the acquisition had also provided the bank the opportunity to optimize cost, assuring that the bank would leverage its superior information technology to block leakage as well as pursuing aggressive expense control. Specifically, he said the bank would continue to upgrade its information technology continually, while also promoting the usage of point of sales terminals and automatic teller machines to serve its teeming customers.
Assuring of seamless integration, Oguntayo said the bank has put in place measures to grow its balance sheet as well as create value for its shareholders. Similarly, the bank’s  branch network is now 450 compared to 260 branches beforethe business combination with Mainstreet Bank.
Oguntayo  also expalined that the increased branch network would make  access to thebank’s services easier as branches are now  easily accessed. He added that the bank’scombined  automatic teller machines network is now 815 from 600 prior  to the acquisition. Oguntayo said the bank has strongly established its presence in the South South , South East and the North through the acquisition and promised the customers of better days ahead.