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Skye Bank commits $500m to maritime sector

By on March 5, 2013

Skye Bank Plc has granted credit facilities amounting to $500m to operators in the maritime industry in recent times as part of its commitment to the development of the industry.

A statement by the bank on Monday said the amount represented the money provided to indigenous ship owners and other stakeholders for the acquisition of ships and other critical work tools to enable them to play active roles in the industry.

The bank’s General Manager in charge of the Corporate Banking 11 Group responsible for the maritime and aviation sectors, Mr. Segun Opeke, said Skye Bank was prepared to expand its credit line to the operators to further develop the industry.

According to him, the bank is responsible for the provision of credit facilities to indigenous ship owners for the acquisition of an estimated 50 per cent of the entire indigenous fleet in the country.

Many operators attest to the bank’s influence on the development of the industry, particularly in the participation of indigenous shipping companies in general cargo business and oil movement in the coastal areas.

Skye Bank has been widely acknowledged by maritime operators for its pioneering role in maritime financing and has won many awards in this regard.

(Punch)