Polaris Bank takes over as CBN revokes Skye Bank licence




skye bank, polaris bank
Skye Bank Branch




The Central Bank of Nigeria (CBN) has revoked the operating licence of ailing Skye Bank Plc with immediate effect.

The Central Bank Governor, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday.

He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.

He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.

Godwin Emefiele said the decision had been reached following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.

Skye Bank requires urgent recapitalization as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN.

We have decided to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye Bank.

The strategy is for AMCON to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.




“By this decision, the licence of Skye Bank is hereby revoked,” he said.

Also, the management of the distressed Skye Bank would be retained to continue to manage the newly licence Polaris Bank.

According to the CBN governor, given the good performance of the board and management, the CBN shall retain them.

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We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.



“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.

Also, Emefiele said based on discussion with the Nigerian Stock Exchange, the shares of the distressed Skye Bank would be suspended from trading on the capital market until discussions are concluded.

The CBN had in July 2016, removed the former board and management of the bank.










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