Friday, 27th December, 2024

Breaking News

FG: Niger Attempting to Blackmail Nigeria over ECOWAS’ Stance, Says It’s Doomed to Fail 18 hours ago

Bauchi Governor: Tax Reform Bills Favour One Section of Nigeria, Shortchange North 18 hours ago

How Access Bank Overtook Others, Becomes First to Scale CBN’s N500bn Recapitalisation Hurdle 18 hours ago

Breaking: Access Bank Plc Emerges First Nigerian Bank to Exceed CBN’s N500bn Regulatory Threshold 2 days ago

Latest Headlines

Christmas Day Attack: Herdsmen Kill 11 in Benue Communities

Lagos Groups Want Assembly Speaker Investigated for Alleged Corruption

NELFUND Boss Calls for More Applications as Students Get N23bn Loans

Anambra Guber Aspirant Berates Soludo’s Slow Pace in Tackling Insecurity

Polaris Bank Takes over Skye Bank, Emefiele Assures Depositors

Breaking | 6 years ago

Polaris Bank Takes over Skye Bank, Emefiele Assures Depositors

By Nume Ekeghe

Following the withdrawal of the operating licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank known as Polaris Bank, to assume the assets and liabilities of the defunct bank.

CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

“By this decision, the licence of the defunct Skye Bank is hereby revoked.

We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.

“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.

Related Articles

Founded on January 22, 1995, THISDAY is published by THISDAY NEWSPAPERS LTD., 35 Creek Road Apapa, Lagos, Nigeria with offices in 36 states of Nigeria , the Federal Capital Territory and around the world. It is Nigeria’s most authoritative news media available on all platforms for the political, business, professional and diplomatic elite and broader middle classes while serving as the meeting point of new ideas, culture and technology for the aspirationals and millennials. The newspaper is a public trust dedicated to the pursuit of truth and reason covering a range of issues from breaking news to politics, business, the markets, the arts, sports and community to the crossroads of people and society.