Connect with us

Nigeria News

Polaris Bank denies reported sale

Published

on

Polaris bank says the publication about sale of the bank is speculative, deliberately intended to create panic, and should be disregarded by the banking public.

By Eberechi Obinagwam

Advertisement

Polaris Bank has stated that the publication on the purported sale of Polaris bank is speculative, deliberately intended to create panic, and should be disregarded by the banking public.

The publication reported that CBN had concluded plans to sell Polaris Bank for N40 billion to Auwal Gombe, IBB’s in-law, after the Asset Management Corporation of Nigeria (AMCON) rescued it with N1.2 trillion.

Advertisement

– Advertisement –

But a statement by the bank titled: “RE: Online Publication on Purported Sale of Polaris Bank” said “Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited.

Advertisement
RALSO READ  Ministry, PAP, NDDC To Develop Joint Action To End Pipeline Vandalism, Develop Niger Delta, Say Umana, Dikio

This publication is speculative, deliberately intended to create panic, and should be disregarded by the banking public.”

According to the statement, “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.

Advertisement

“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.”

RALSO READ  CLEEN Foundation appoints new Executive Director – The Eagle Online

The statement noted that the Bank is committed to ensuring timely communication to the public during such an event.

Advertisement

– Advertisement –

“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.”

Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Comment moderation is enabled. Your comment may take some time to appear.

X