Skye Bank NOW Polaris Bank after CBN Take over, Should I be worried?

Skye Bank NOW Polaris Bank after CBN Take over, Should I be worried?

Skye Bank will now be known as Polarise Bank after Nigeria’s apex bank, Central Bank of Nigeria (CBN),  revoked its operating licence.

The liquidation news of the Skye Bank has been rife since the beginning of this year, which at time made the bank to publicly announced that it isn’t distressed.

Nigeria’s apex bank governor, Mr. Godwin Emefieler, and the Managing Director of the Nigeria Insurance Deposit Corporation (NDIC), Alhaji Umaru Ibrahim, made the disclosure Friday at a media briefing in Lagos.

Change of name of Skye Bank to Polarise Bank

Aside the take over, CBN also announced the change of name of the bank to Polarise Bank.

CBN has also injected the sum of N786 billion with the Asset Management Corporation of Nigeria (AMCON) and directed it to commence the sale process of the bank from Monday, September 24, 2018.

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

Any cause for alarm?

Not at alone!

If you bank with the former owners, Skye, you need not nurse any worry as the regulatory body said it has put adequate measures in place to ensure that customers deposits are safe.

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Also, 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, Channels TV says.

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

Any implication on the new owners, Polaris Bank?

Sure, even as CBN made assurances that deposits are safe, we at InfomediaNG expects to see some Skye bank customers troop to the bank beginning from Monday to make some panic withdrawal.

 

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