Polaris Bank Denies Report on Purported Sale, Says Bank Remains Stable

Polaris Bank Denies Report on Purported Sale, Says Bank Remains Stable

THECONSCIENCEng reports that contrary to a recent report, Polaris Bank said there is no plan by the Central Bank of Nigeria, CBN to sell the bank.

The Innocent C. Ike-led bridge bank, has therefore urged its teeming customers and general public to continue to trust the management in its quest to fully turn the bank around.

The bank said in a statement on Friday that it has improved its balance sheet, stabilized and now profit focused. There’s no need to worry, the bank assured its stakeholders.

When it’s time for the bank to be retuned to private ownership, Polaris Bank said, such will be done with regulatory backing.

The statement said, “Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited. This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.

“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.

“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.”