Management Debunks Sale of Polaris Bank

Festus Akanbi

The management of Polaris Bank has dismissed an online report on the purported sale of the bank by the Central Bank of Nigeria (CBN) to private individuals for N40 billion.

The management of the bank debunked the sale in a statement on Friday in Lagos.

The statement said that such speculative publication was a deliberate intention to create panic and as such, should be disregarded.

“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 through a bridge bank process, which birthed Polaris Bank in 2018.

“The bank has since stabilised 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 will occur following regulatory approvals with formal notification to all relevant stakeholders,’’ it said.

The statement further said that the bank was committed to ensuring timely communication to the public in such an event.

The management in the statement reassured its customers, staff, and the general public that Polaris Bank remained a stable, strong, and credible financial institution, positioned to deliver sustainable value to all stakeholders.