Skye Bank which is currently known as Polaris Bank Limited is a Nigeria based commercial bank. They were licensed by the Central Bank of Nigeria, to freely carry out banking and financial activities in the country.
Skye Bank is among the biggest banks and financial service providers in Central Africa and West Africa as a whole. Their headquarter is located in Nigeria and they have lots of subsidiaries both in Gambia, Sierra Leone, Liberia, Republic of Guinea, Equatorial Guinea and Angola. The bank had a total asset valued in excess of US$3.9 billion (NGN:611.5 billion) in September 2010, and also had shareholders’ equity which was roughly estimated at US$630 million equivalent to 98.4 billion Naira.
Skye Bank History
Skye bank which is now currently known as Polaris bank originated during the period when Prudent Bank Plc was licensed as a limited liability company in 1989. Meanwhile, the bank became licensed as a merchant bank the following year (1990) and changed its name to Prudent Merchant Bank Limited still in the same year. Fast forward to 2006, the bank merged with four different banks in other to become what is now known as Skye Bank Plc. Here are the names of the four banks that make up the Skye Bank Plc (Bond Bank Limited, Reliance Bank Limited, Co-operative Bank Plc., EIB International Bank Plc.).
In the First month of 2011, the bank introduced the “MasterCard Verve” which was the first of it kind in Nigeria. They moved ahead to acquired Mainstreet Bank Limited in 2014 and also incorporated the use of Mobile banking and internet banking.
List Of Skye Bank (Polaris Bank) Subsidiaries
1). Law Union & Rock Insurance Plc. (2007 had 51.95% shareholding).
2). Skye Stockbrokers Limited (Member of Nigerian Stock Exchange).
3). Apex Integrated Technologies Limited (is an IT Solutions Company).
4). Skye Mortgage Bankers Limited skye bank paid up share capital of US$6.42 million equivalent to 1 billion Naira.
5). Skye Financial Services was also able to pay up the capital of US$12.84 million (NGN 2 billion). Securities underwriting, Asset management, and corporate finance.
6). Skye Trustees Limited: Function as Funds Manager and Trustee in the capital market.
7). Skye Bank Gambia – in 2008 cleared up capital of US$3.1 million (GMD: 87.8 million).
8). Skye Bank Sierra Leone Limited – Skye Bank Plc. had 95% shareholding, while 5% was owned by investors in Sierra Leonean. in 2008 Paid up capital of US$3.1 million (SLL:13.85 billion).
9). Skye Bank Resources Ltd – created in 2008.
10). Skye Bank Guinea – Created in April 2010.
Note: The list was in line with the Skye Bank Plc. subsidiaries maintained as of February 2011.
Ownership Of Skye Bank
As of the 21st of September 2018, the Governor of the Central Bank of Nigeria, Godwin Emefiele, publicly announced that CBN had revoked Skye Bank’s operating license. Emefiele also mentioned that the liabilities and assets is going to be handed over to Polaris Bank, a new entity, and this is as a result of the inability of Skye Bank shareholders to properly recapitalize Skye bank after CBN’s intervention in 2016.
Skye Bank Branch Network
Polaris Bank Limited has two hundred and sixty (260) interlinked branch network in all area of Nigeria. They also have their headquarters situated at 3 Akin Adesola Street, Victoria Island, Lagos State in Nigeria. The above information is base on the data that have been gathered as of 2018.
Polaris Bank (Skye Bank) Governance
The group is made up of a 16 member Board of Directors, and the chairman of the board is M. K. Ahmad effective 2016. Meanwhile, Mr. Tokunbo Abiru is the Group Managing Director and the Chief Executive Officer.
Skye Bank Mobile App
One of the most fascinating things about Skye mobile AKA Skye Bank mobile banking app is it allows Skye bank customers to perform almost all financial transactions from the comfort of their homes without the need to visit the banking premises.
Skye Bank mobile app lets its users perform their financial transactions from anywhere and at any time, even on public holidays.
There are lots of unique features that Skye Mobile arrives with and they can all be accessed by users through their mobile phones & computers.
Features Of Skye Bank Mobile App
1). Transfer Money With The SkyeMobile Banking App:
a. Interbank fund transfer (Skye bank to other banks).
b. Intrabank fund transfer (Skye bank to Skye bank).
2). Purchase Airtime:
a. Airtime Recharge for Self (Recharge your alertz number)
b. Airtime Recharge for others (Buy airtime for other numbers)
3). Check Account Balance:
a. Check previous transactions.
b. Check Skye bank account balance.
4). Pay Bills:
a. Cable Tv (DStv, Startimes, multi-choice)
b. Electricity bills and more.
Links To Download SkyeMobile For Android & Others
Blackberry ~ Download SkyMobile App from App World
iPad and iPhone ~ Download SkyeMobile App From Itunes.