Skye Bank Plc says it has, through its aggressive initiatives, recovered over N60 billion of outstanding bad loans over the past one year and also reached settlement and restructuring agreements with many of its chronic bad debtors.
The bank said in a statement signed by its Chairman and Group Managing Director, Messrs. M. K Ahmad and Tokunbo Abiru, respectively, that in its efforts to stabilise, it has successfully implemented cost management initiatives that have enhanced liquidity and efficient service delivery to its customers since its regulator induced take-over one year ago.
The statement said through the support of its regulators, the Central Bank of Nigeria (CBN), Skye Bank has successfully embarked on initiatives to restructure and reposition based on its broad mandate which includes cost management and optimization, as well as divestments to improve its financial position.
It listed the cost containment measures to include: branch rationalisation, review of service contracts and cash management operations which have resulted in hundreds of millions of financial savings.
