Polaris Bank Reacts Reported Sale To Private Investor

Polaris Bank Limited’s management says a report that the bank has been sold to a private investor is a misrepresentation of facts intended to cause panic.

The management in a statement on Friday, said the financial institution has since stabilized its operations following the intervention by the Asset Management Company of Nigeria (AMCON), improving its balance sheet, customer base and profitability.

The management noted that while the ultimate goal is to eventually return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders.

The statement reads, “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.”