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Polaris Bank clears air on purported sale by CBN

The Board and Management of Polaris Bank has refuted online reports on the purported sales of Polaris Bank Limited, saying the publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.

In a press statement, it said “stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria (AMCON) through a bridge bank process, which birthed Polaris Bank in 2018.

“The bank has since stabilized its operations following the intervention; improving its balance sheet, customer base and profitability”.

The Management of Polaris Bank noted that whilst the intention has always been to return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders. The Bank is committed to ensuring timely communication to the public in such an event.

“The Board and Management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders”, it further stated.

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