Polaris Bank management has discredited an online report of the alleged sale of the bank by the Central Bank of Nigeria (CBN) to a private individual for N40 billion.

The bank’s board of directors denied the sale in a statement Friday in Lagos.

The statement said such speculative publication was a deliberate intent to spread panic and as such should be ignored.

“Our attention has been drawn to an online report regarding the alleged sale of Polaris Bank Limited.

“This publication is speculative, deliberately intended to cause panic and should be ignored by the banking public.

“Stakeholders may recall the regulatory intervention in the former Skye Bank by the CBN and the subsequent capital injection through the Asset Management Corporation of Nigeria through a bridge banking process, which spawned Polaris Bank in 2018.

“The bank has since stabilized its operations after the intervention, improving its balance sheet, customer base and profitability.

“While it has always been the intention to return the bank to private ownership, such a sale will be subject to regulatory approval with formal notification to all relevant stakeholders,” it said.

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The statement further states that the bank is committed to ensuring timely communication with the public in such case.

Management in the statement reassured its customers, employees and the general public that Polaris Bank continued to be a stable, strong and credible financial institution, positioned to deliver sustainable value to all stakeholders.

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