Polaris Bank Encourages Depositors and Customers to Continue to Maintain Normal Banking Relationship

Proshare

Saturday, September 22, 2018 10:30 AM/Polaris Bank Ltd 

Pursuant to section 38(1)(c) and 39(1) of the Nigerian Deposit Insurance Corporation Act No. 16 of 2006 (NDIC Act) and by a Purchase and Assumption Agreement dated 21st day of September, 2018, Polaris Bank Limited as a bridge bank, has assumed all the deposit liabilities and certain other liabilities and has had vested in it, all the assets of Skye Bank Plc effective from the 21st day of September, 2018. 

By this notice, all depositors of Skye Bank Plc are hereby notified that they are now depositors of Polaris Bank Limited which is fully capitalised and has the support of both the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation. All depositors shall be able to conduct their normal banking transactions in respect of such deposits at all branches previously operated by Skye Bank Plc, which branches are now being operated by Polaris Bank Limited.

 All depositors are further given notice that they are entitled to make withdrawals from their deposits either in full or in part, subject only to any security agreement existing on such deposits, as their accounts are now maintained by Polaris Bank Limited. Depositors are strongly encouraged to continue to maintain their deposits and normal banking relationship with Polaris Bank Limited.

 Polaris Bank Limited shall continue to pay interest on all deposits in accordance with any deposits agreement formerly existing  between each depositors and Skye bank Plc as at the date of assumption of such deposits by Polaris Bank Limited. In the event that Polaris Bank Limited seeks to make any changes to interest payable on any deposits, any such changes shall be notified in writing to each depositor and shall only take effect after a reasonable time following the giving of such notice. 

The CBN has retained the Board and Management of the defunct bank to manage the affairs of Polaris Bank Limited as a result of their good performance following the intervention in the defunct bank in July 2016. All customers and depositors of the bank can reach their relationship manager for any further clarification if required. 

The Board and Management of Polaris Bank Limited wishes to use this opportunity to appreciate and thank all customers for their support to the defunct bank and hopes that this support will be extended to Polaris Bank Limited. We will also like to use this opportunity to assure all customers of our continuous excellent services at all times. 

Thank you

 

Proshare Nigeria Pvt. Ltd.

 

 

Proshare Nigeria Pvt. Ltd.

 

 

Related News

1.       Skye Bank Plc: Has CBN Finally Completes The Undertaker’s Role? – Sep 21, 2018

2.      CBN Revokes Skye Bank’s Operating Licence, AMCON to Capitalise the Established Bridge Bank Sept 21, 2018

3.      The History of Nationalised Banks Sept 21, 2018

4.      Skye Bank Announces Delay in Filing of Q2 Financial Statements

5.      CBN Renews The Mandate Of Skye Bank Board of Directors

6.      Skye Bank Plc Announces Details of Shareholder with 5pct and Above Stake

7.      Skye Bank launches #SkyeXperience to boost seamless banking service

8.     Skye Bank Plc Denies Concealing TSA Funds

9.      Skye Bank Plc: One Year After CBN Takeover

10.   We have Stabilized Skye Bank, Recovers N60billion from Debtors – Tokunbo Abiru

11.   How to Buy a Nigerian bank with no money 

12.  The Surprising New Math of Acquisition of Banks in Nigeria – The Skye Bank Case

13.  Reworking the Acquisition Maths of Mainstreet Bank by Skye Bank Plc

14.  Why investors should expect a contained earning from Skye Bank

15.   Skye Bank - The Math Adds Up says CBN, Acquisition Payment of Mainstreet Bank Done – Nov 01, 2014

16.  Tracking Skye bank's Share Price: 25days After

17.   Skye Bank Plc Seeks Extension to file its Interim Financial Statements for Q1 and Q2 2016

18.  All Round Pressure Sinks Skye Bank FY’15 Earnings

19.  Skye Bank Plc Reports Q4 2015 Results; Further Deterioration Expected in Q1 and Q2

20.   SKYEBANK Declares N40.73bn Loss in 2015 Audited Results SP N0.70k

21.  Tracking Skye bank’s Share Price: 15days After

22.   Tracking Skye bank’s Share Price: 10days After

23. CBN Affirms Confidence in Skye Bank, Institutes Guarantee Line

24. Tracking Skye bank's Share Price: 5days After

25.  Nigeria's Skye Bank Downgraded To 'CCC-' On Heightened Default Risk

26. Nigeria’s Central Bank Takes Over Skye Bank - Sacks Board Over Capital Issues

27.  Expectedly, S&P rates Skyebank a CCC+ on back of Economic & Liquidity Concerns

28. Skyebank and The Prolonged Delay on Earnings Announcement

29. CBN Reduces maximum limit of FX borrowing to 75% of Capital

30. Skye Bank Plc and AMCON Sign Agreement on Acquisition .- Proshare 

31.  SKYEBANK Seeks Four-Week Extension to File its 2015 Audited Financial Statement

32. SKYEBANK Issues Earnings Guidance for Financial Year Ended 31st December 2015

33. All eyes still on Skye Bank s capital raise

34. Years After -Scorecard: One Year after Change of CEO at Zenith, UBA & Skye

35.  Years After - CBN’s Intervention in Banks: One Year After

36. Years After -Emefiele's CBN: one year after

37.  Skye Bank Plc Notifies on the Late Release of 2016 Audited Financial Statements

38. Skye Bank Plc to file 2016 Audited Financial Statements on or before 12th May, 2017

39. Skye Bank Plc Announces the Resignation of some Executive Directors

40. Skye Bank Ratings Suspended Due To Lack of Sufficient Information

41.  Skye Bank Plc Receives Regulatory Approval to Postpone AGM

42. Skye Bank is Neither Distressed Nor Liquidated - CBN

43. Skye Bank Plc Appoints Babatunde Osibodu as General Counsel

44.   AMCON Acquires Bridge Banks – Press Statement - Proshare Aug 06, 2011

45.   Q&A on Nationalisation of Banks by the CBN - Proshare  Sept 02, 2011

46. Court halts planned sale of Bank PHB by CBN - Proshare Mar 16, 2011

47.  Bank PHB Internal Memo Reveals worsening Financial Condition Mar 29, 2011

48. Nationalised Banks and the fate of shareholders - Proshare

49. CBN's Intervention in Banks: One Year After - Proshare Oct 08, 2010

50. [PDF] SEC, Udo Udoma & Corporate Governance: The Fact Files - Proshare Feb 18, 2010

51.   The Bull in the China Shop – A New Paradigm in the Nigerian Financial Markets. Aug 21, 2009

52.  [PDF] The Bull in the China Shop - Proshare

53.  [PDF] The Market Memorandum - 060910 - Proshare Sept 06, 2009

54.  Analyst Report on Skye Bank - 2008

 

READ MORE:
Related News
SCROLL TO TOP