Publication on the speculative sale of Polaris Bank; stable, solid, credible bank
SUBJECT: ONLINE POSTING ON THE ALLEGED SALE OF POLARIS BANK
Our attention has come to an online report about the alleged sale of Polaris Bank Limited.
This posting is speculative, deliberately intended to create panic and should be ignored by the banking public.
Stakeholders may recall the regulatory intervention in the former Skye Bank by the CBN and the subsequent injection of capital through the Asset Management Corporation of Nigeria (AMCON) through a bridge bank process, which gave birth to Polaris Bank in 2018. The Bank has since stabilized its operations. following the intervention; improve its balance sheet, customer base and profitability.
Although the intention was always to return the Bank to private ownership, such a sale would occur after regulatory approvals with formal notification to all relevant stakeholders. The Bank undertakes to ensure prompt communication to the public during such an event.
The Board of Directors and management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, solid and credible financial institutionpositioned to deliver sustainable value to all of its stakeholders.
Sign
Management
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