Polaris Bank remains strong, stable and credible financial institution – Management

 

LAGOS, Nigeria – The Board and Management of Polaris Bank Ltd has reassured 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.

Polaris made the statement in reaction to an online report alleging purported sale of the bank.  Management of the bank described the publication as speculative, deliberately intended to create panic and that it should be disregarded by the banking public.

The bank recalled that 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,  birthed Polaris Bank in 2018.

It noted that 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 the management said 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, reassuring that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.