Polaris bank For Sale!! Barely 4 Months after Skye Bank was taken over by Polaris Bank. Reportedly Polaris Bank will be available for sale after the 2019 elections. According to Reuters, this was revealed by the Asset Management Corporation of Nigeria AMCON spokesman, Nwauzor Jude, yesterday January 22.
Recall: Effective Monday, September 24, all asset and liabilities of Skye Bank will be taken over by the new bridge bank, POLARIS. On July 4 2016, the Central Bank of Nigeria CBN took a regulatory action on Skye Bank Nigeria PLC. This led to the resignation of the Chairman, all Non-Executive Directors on the Board as well as the Managing Director, Deputy Managing Director, and the two longest-serving Executive Directors on the Management Team. Readmore..,
According to Nwauzo: “After the election, we would advertise for expressions of interest from investors and commence ‘Polaris Bank for sale’ process. Though the election is slowing down things regarding the sale.”
Godwin Emefiele in September 2018, CBN Governor announced the revoking of the license of defunct Skye Bank. Polaris was, therefore, established as a bridge bank to take over the assets and liabilities of the Bank
Emefiele earlier said: “After consulting the Nigerian Deposit Insurance Corporation NDIC. Also as a responsive and responsible regulator. We have decided to establish a bridge Bank known as POLARIS BANK, to take over the assets and liabilities of Skye Bank.
The plan is for the Asset Management Company of Nigeria AMCON to capitalize the Bridge Bank and commence the process of sourcing investors to buy out AMCON. The license of the defunct Skye Bank is hereby revoked by this decision.
Whats your take on the decision to sale Polaris Bank..???
Do you think it will be on the Interest of the masses…??
Sample your analysis regarding the planned sale of Polaris Bank…