Polaris Bank was licenced and established in September, 2018, to assume all assets and liabilities of the defunct Skye Bank.Advertisement
“Polaris Bank is borne out of the bailout of the defunct Skye Bank PIc that failed due to poor corporate governance and non-performing loan for which a whooping sum of close to a trillion naira of public fund was committed to resuscitating the bank. “The resuscitation of the entity through the formation of Polaris Bank to acquire the assets and certain liabilities of the defunct Skye Bank was aimed at returning the value that will upset the public fund injected into the bank as capital, protect jobs and continue to contribute to the economic development of Nigeria.”
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