Polaris Bank insists sale would follow all regulatory procedures
Nigeria’s apex Bank is yet to conclude plans to put up for sale bridge lender, Polaris Bank as widely reported in the media in the past week.
The widely circulated publication had alleged that the Central Bank of Nigeria, CBN is secretly plotting the sale of the lender to cronies at a giveaway price.
Polaris Bank described the publication in a statement on Friday as “speculative, deliberately intended to create panic and should be disregarded by the banking public”.
- Advertisement -
“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 during such an event,” Polaris said in the statement.
“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 added.