CBN takes over Skye Bank, announces a new name

Skye Bank

Skye Bank

"Consequently, Polaris Bank Limited, has been issued operating license by the CBN and shall commence banking business from the 21st of September 2018; while the operating license of Skye Bank has been revoked by the Governor of the Central Bank of Nigeria and the NDIC has commenced the processes for its liquidation" the statement said.

Mr Godwin Emefiele, the CBN Governor, announced on Friday that Polaris Bank had taken over the assets and liabilities of Skye Bank.

Polaris is a bridge bank set up in concert with NDIC and AMCON and the unveiling was a guarded secret until Emefiele's announcement in Lagos today.

The new arrangement therefore means that the former shareholders of Skye Bank have lost their investment, while the prospective new investors would become new owners of Polaris Bank.

The apex bank also withdrew the operating licence of the bank.

"As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have chose to establish a bridge bank, Polaris Bank, to assume the assets and liabilities of Skye bank".

Liverpool vs. Southampton - Football Match Report
It's just good to have him. "I don't mean that with any negativity - we're delighted because we know his class better than most". He was denied a second for offside in the 89th minute after Mario Lamina had cleared James Milner's shot off the line.

The stock is expected to be placed on suspension from Monday in accordance with bridge bank procedures.

On July 4, 2016, the CBN intervened in Skye Bank to salvage depositors' funds and to ensure the sustainability of the bank.

The regulators maintain that customers deposits safe as management and members of staff will be retained under the new ownership structure.

It would be recalled that prior to 2016, Skye Bank was faced with some crises, including losses, liquidity challenge, inability to meet customers' obligation and poor performance which undermined overall customers' confidence.

He added that although the bank's performance improved afterwards, the bank needs urgent recapitalization.

The expert, however, said that the direct effect of the troubled bank would be on the shareholders as they would lose all their shares in the bank.

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