The management of Polaris bank has denied the news going round that the bank is about to be sold.
A report had earlier claimed hat the Central Bank of Nigeria (CBN) had reached an agreement with a local investor to sell the bank for N40 billion.
The management in a statement on Friday August 4th, 2022 described the news as fake and intended to cause panic especially among its customers. The management therefore urged the general public to ignore the fake news.
See below the full statement
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.
