Following the withdrawal of the working licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), in session with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge financial institution known as Polaris Bank, to expect the assets and liabilities of the defunct bank.
CBN Governor, Mr. Godwin Emefiele, on Friday, said the strategy became for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and start the technique of sourcing investors to shop for out AMCON.
“By this decision, the licence of the defunct Skye Bank is hereby revoked.
“We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly
““Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.