Breaking News: CBN Takes Over Skye Bank, Changes Name To Polaris Bank

* Pix source: Daily Post Nigeria

 

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele said that the Apex institution has taken over Skye Bank Nigeria Plc.

Emefiele, who disclosed this today at a media briefing in Lagos, added that CBN has changed the name Skye Bank to Polaris Bank.

He also disclosed that CBN has injected a total of N786 billion into the bank, adding that the Asset Management Corporation of Nigeria has been directed to commence sale process of bank from Monday.

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

CBN insisted that customers’ deposits are safe, as management and members of staff would be retained under the new ownership structure.

With this development Polaris Bank would take over all the assets and liabilities of the defunct financial institution.

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