Markets
Polaris Bank refutes sale report
The management of Polaris Bank has debunked the report of the purported sale of the bank, saying the publication was speculative, and deliberately intended to create panic.
In a release, it urged the banking public to disregard the report as there was no iota of truth in it.
“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,” it stated.
It reassured its customers, staff and the general public that the bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.
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