‘Real sector financing critical to economic growth’

By Stanley Opara

Wednesday, 20 Oct 2010

Adequate funding of the real sector of the economy is what is required to facilitate the growth of the economy and increase national output, the Group Managing Director/Chief Executive Officer, Skye Bank Plc, Mr. Kehinde Durosinmi-Etti, has said.

Durosinmi-Etti, according to a statement by the bank on Tuesday, restated the pledge at the bank‘s Corporate Partners‘ Forum.

He, however, pledged the bank‘s continued commitment towards promoting real sector growth, adding that it would continue to support the real sector comprising manufacturing, agriculture, oil and gas, telecommunications, aviation and maritime, among others.

He explained that the bank‘s support for industry rather than for speculative activities was borne out of the desire to fast-track the nation‘s march to the league of economically powerful nations as well as the need to diversify the country‘s revenue base.

According to him, the recent successful capital raising exercise of the bank by special placement had further strengthened the bank and enhanced its ability to discharge its responsibility to the economy and other users of capital. He added that the bank would support and fund more national priority projects.

Durosinmi-Etti described the bank as liquid, saying that it had also received cheap, long term funding from some off-shore institutions for the use of customers. He promised to grow the bank into a bigger and better institution.

He thanked the customers for their loyalty and promised to continue to give priority attention to them as partners in progress.

Source: Punch

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