CBN revokes Skye Bank’s licence, renames it Polaris Bank

The Central Bank of Nigeria has revoked the operating licence of Skye Bank Plc with immediate effect

Polaris Bank has taken over the assets and liabilities of the Bank, the Governor of Central Bank, Godwin Emefiele announced this at a news conference in Lagos

Emefiele also announced the change in the name of Skye Bank to Polaris Bank which takes over the bank.

He said an injection of N786 billion has been made into the bank with the Asset Management Corporation of Nigeria (AMCON) has been directed to commence the sale process of the bank from Monday.

The revocation of Skye Bank’s operating licence follows the Central bank’s decision to pause its injection of funds processes in the lender.

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

Meanwhile, the share price of Skye Bank on Friday gained 4.05 percent at 77 kobo.

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