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Polaris Bank has not been sold, says Management

Ayodele Olalere

Polaris Bank, on Friday, through its Management, denied a report the bank had been sold, saying the report was  speculative and targeted at creating panic and urged the public to disregard the news.

In a statement by the bank ‘Re: Online publication on purported sale of Polaris bank,’ the bank stated that the purported sale of the bank was not true.

The statement clarified that following the 2018 injection of capital into the bank, which was then known as Skye Bank, by Central Bank of Nigeria, CBN, through the Asset Management Corporation of Nigeria (AMCON), Polaris Bank has experienced stability in its operations and enjoys maximum customer base and profitability.

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“Whilst the intention has always been to returned 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,” it stated.