The Management of Polaris Bank has refuted and rejected online reports on the purported sale of Polaris Bank Limited, labelling the publication as “speculative, deliberately intended to create panic and should be disregarded by the banking public.”
In a statement shared with MSME Africa, Polaris Bank states:
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.
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.
It’d be recalled that prior to the response by the Polaris Bank Management, reports had been flying around on the sale of the bank.