PHOTO: CBN takes over Sky Bank, renames it Polaris Bank

He said while the bank is being liquidated under a new name, Stakeholders with investment in the bank have lost their investment, but the customers of the bank can be rest assured that their monies are safe, as the bank will continue operation under the name Polaris Bank.

 

He further said that an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) being 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.

Mr. Godwin Emefiele while CBN have had Sky Bank renamed into Polaris Bank and  N786bn  already been injected into Sky Bank, AMCON will proceed to look for buyer to prepare it for sale.

This new development to industry watches will not come as a surprise given previous efforts by CBN to stabilize the bank, and even with this efforts, the Governing body of banks in Nigeria has gone ahead to liquidate the bank owing to the huge debt and inability of the bank stakeholders to keep the bank afloat.