BANK MANAGEMENT: PURPORTED SALE OF POLARIS BANK ‘SPECULATIVE’
By Oki Samson, Trek Africa Newspaper
Contrary to a news report making the rounds, the management team of Polaris Bank stated that the bank is not open for sale.
In a press statement released to Trek Africa Newspaper, the Bank stated: ‘Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited. This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.’
Going down memory lane to the days of Skye Bank, the management of the bank noted: ‘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’, Trek Africa Newspaper gathered.
That said, the Bank communicated confidence to its customers. ‘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’.
