Polaris to be sale (Refutes claims of CBN’s plan to sell the bank)

Polaris bank has denied reports of the claims that the central bank of Nigeria plans to sell the bank for 40 billion naira to Auwal Lawan Abdullahi.

A statement released by the bank has stated that the rumors are not true and is only being spread in order to create panic among its customers, and if there ever were such plans, they would communicate it in a timely manner to the public.

Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited,” the statement reads.

The statement read “This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.”

“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.

“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.

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“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.”

In September 2018, the CBN revoked the operating license of Skye Bank. It then established and licensed Polaris Bank to assume all assets and liabilities of the defunct Skye Bank.

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