Home Business Polaris Bank Not On Sale, Disregard False Report

Polaris Bank Not On Sale, Disregard False Report

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…Polaris Bank remains a stable, strong, and credible financial institution
Polaris Bank has denounced the online report that it is for sale, the report claimed that the Central Bank of Nigeria was about to sell the bank to Auwal Lawan Abdullahi for N40 billion.

The bank made the disclosure in response to media reports about an alleged secret acquisition of Polaris Bank with a false online report that states “Online Publication on Purported Sale of Polaris Bank.” 

The bank statement said: “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 during 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.

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