……… As Polaris Bank Takes Over Assets And Liabilities
The Governor of the Central Bank of Nigeria, Godwin Emefiele has assured all depositors of the defunct Skye Bank of safety of their deposits, and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.
Stressing further he said that all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank.
Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has sold Polaris Bank to the Asset Management Corporation of Nigeria (AMCON), the strategy according to the regulator is for the AMCON to capitalize the Bridge Bank and begin the process of sourcing investors to buy out AMCON, thereby revoking the licence of the defunct Skye Bank.
AMCON has been saddled with the mandate to stabilise the bank as well as return it to profitability for the purpose of selling it to interested Investors. In this regard AMCON will inject N786 billion into Polaris Bank to bring it’s net value to zero.
Emefiele praised the board and management of the bank adding that the bank’s performance has improved considerably compared to the pre-July 2016 era, the objectives of taken the bank over by CBN has been fully achieved and the bank has been able to meet customer obligations, having curtailed the liquidity haemorrhage and restored depositor confidence.
The Governor further said that the CBN shall retain the board and management of the bank due to the good performance, and all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract unless any employee decides to opt out.
Emefiele however assured the general public that the Nigerian banking industry remains safe and resilient and that the CBN will continue to live up to its responsibilities of promoting stability in the banking and financial system.