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Polaris Bank reacts to alleged sale by CBN

Published

2 years ago

August 5, 2022

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Polaris Bank has debunked an online report in the purported sale of the bank by the Central Bank of Nigeria to some private individuals.

In a statement by the management of the bank, it described the

publication as being speculative, and deliberately intended to create panic and should be disregarded by the banking public.

The online report had claimed that the apex bank had concluded arrangement to sell the bank to some private investors from the northern part of the county.

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.

“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.”