Group Managing Director (GMD) of Polaris Bank ( successor to the defunct Skye Bank Plc) Adetokunbo Abiru has written to both staff and customers of the bank, informing them of the new changes.
The Central Bank of Nigeria (CBN) yesterday announced the revocation of the bank’s operating licence, due to the inability of shareholders to recapitalize it. The apex bank had also stated that it could no longer continue to provide liquidity support indefinitely.
The Asset Management Company of Nigeria (AMCON) is to inject N786Â billion into Polaris Bank Limited ( which has inherited the assets and liabilities of Skye Bank), and subsequently, find a new buyer.
Customers have no worries
All depositors of the defunct Skye bank are now depositors of Polaris Bank which has been fully capitalized and has the support of the CBN and NDIC. Depositors are entitled to make withdrawals. But are strongly encouraged to maintain their deposits and banking relationships with Polaris Bank Limited.
Transition for staff
In a separate letter, Abiru stated that all staff of the defunct Skye Bank Plc will transition to Polaris Bank Limited. The human capital management team, would communicate the transition process.
In his statement announcing the move yesterday, CBN Governor Godwin Emefiele had stated that
All employees of Skye Bank shall be absorbed by Polaris Bank under a new contract unless any employee decides to opt out.
