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Polaris Bank clears air on alleged sale; assures staff, customers of stability

The management of Polaris Bank Limited has reacted to an online news publication (not Newsclick Nigeria) alleging the sale of the financial institution. 
The bank in a statement released on Friday and obtained by Newsclick Nigeria explained that the report was speculative and deliberately authored to create panic especially for its staff and customers.
It urged the banking public to disregard the report while assuring relevant stakeholders of a formal notification in the event of its return to private ownership after due approval from regulatory authorities.
Read full statement below as low as obtained by Newsclick Nigeria.
RE: ONLINE PUBLICATION ON PURPORTED SALE OF POLARIS BANK
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.
Signed
Management

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