By Demi Adeniyi
The Management of Polaris Bank Limited, has described as baseless and speculative, the purported sale of the bank.
The bank said urged the banking public to disregard the publication which it said is intended to create panic in the nation’s financial market.
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, improve 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.