Polaris Bank has dismissed an online publication purporting its sales, saying that the report is speculative, deliberately intended to create panic and should be disregarded by the banking public.
The dismissal is contained in a press release issued Friday by the Bank’s management.
The release reads in part: “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 Bank reassured its customers, staff and the general public that it remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.