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Reports On Sale Of Polaris Bank False – Management

The management of Polaris has denied reports making rounds that it is about to be sold by the Central Bank of Nigeria.

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Reports On Sale Of Polaris False – Management

An online news platform had claimed that the Central of Nigeria (CBN) had commenced plans to “secretly sell” the bank for N40 billion.

But reacting in a statement on Friday, the dismissed the report, saying that it deliberately intended to cause panic.

It urged members of the public to ignore the report.

The assured its customers that a sale would only occur following regulatory approvals with formal notification to all relevant stakeholders.

“Our attention has been drawn to an online report on the purported sale of Polaris Limited,” the statement reads.

“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 by the and the subsequent injection of capital via the Asset Management Corporation of Nigeria (AMCON) through a bridge process, which birthed Polaris Bank in 2018.

“The bank has since stabilised its operations following the intervention; improving its 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.”

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