Polaris Bank Reacts To Purported Sale

Polaris Bank has reacted to a report by Gazette of the Central Bank of Nigeria selling off the bank for N40 billion to Auwal Gombe.

”Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited.

“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 bank said.

However, the bank has reassured its customers, staff and the general public of being a stable financial institution which aims at delivering the best services to customers.

The bank further stated “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 stabilised its operations following the intervention; improving its balance sheet, customer base and profitability.”