The management of Polaris Bank Limited has denied an online report claiming the bank has been sold, describing it as speculative, and deliberately intended to create panic and should be disregarded by the banking public.
The Bank recalled 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, it said in a statement on Friday.
“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 statement concludes.
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.
