Polaris Bank Denies Purported Sale

Polaris Bank Limited has denied the online publication on the purported sale of the lender’s asset, saying it’s speculative and intended to create panic in the market. Recently, media space was agog by a piece of news that the bank has been sold for N40 billion.

In a statement, the management said, “Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited. The bank said the 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 Central Bank of Nigeria 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. 

READ:  Court Shuts Down Polaris Bank Branches in Osogbo

“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”, the bank said.