Saturday, 22 September 2018

Why Polaris Bank Takes Over Skye Bank

The Central Bank of Nigeria (CBN) has revoked the licence of Skye Bank Nigeria Plc and announced the change in the name to Polaris Bank which takes over the bank.



CBN Governor and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Godwin Emefiele, disclosed this on Friday, September 21, 2018 at a media briefing in Lagos.

According to Emefiele, an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) has been directed to commence the sale process of the bank from Monday.

The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender.

The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.

Meanwhile, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.

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