The Asset Management Corporation of Nigeria (AMCON) says it plans to sell Polaris Bank within two years.

Ahmed Kuru, chief executive officer, AMCON, said this in an interview with Bloomberg in Lagos.

The Central Bank of Nigeria (CBN) had revoked the operating licence of Skye Bank in September for failing to meet capital and liquidity requirements.

Polaris Bank was subsequently approved as a bridge bank to take on the assets and liabilities of Skye Bank.

He said the agency has met with the management of Polaris Bank and will sell the financial institution in less than two years.

Kuru added that the authorities intervened in the Skye Bank issue because of “a lot of systemic issues”, including saving more than 5,000 jobs and almost N1 trillion in deposits.

He said AMCON will advertise for financial advisers for the sale of Polaris Bank after an investigation into the cause of its capital and liquidity challenges.

“The divestment must be quick. It’s a very big bank and if you allow anything to happen to it, it will affect some other financial institutions,” Kuru said.

“Because we have put a lot of money there, where we find out that something wrong has been done, I can assure you that people will be held responsible.”

Kuru said AMCON, established in 2010 to buy bad debts, had set a 2023 deadline to dissolve its operations, even as it is still struggling to recover non-performing loans.

https://www.google.com/amp/s/www.thecable.ng/amcon-to-sell-polaris-bank-in-two-years-dissolve-operations-by-2013/amp

Everything is failing because of Buhari.

E don happen

I don kuku open account with gtb bank

I only use my Skye bank account to receive cash then transfer instantly to my gtb account

Wonder bank in the making

What will happen to the stock holders of the bank?

Ftc

Nice one

I will buy the bank

Make them no play with people hard end money o

This is one bad thing about Nigerian economy

After changing name now its to be sold in 2yrs Time... D bank will eventually fall cos customers will be afraid to bank their hard earn money there...

Doesn't sound good

Oluwaseydex:
Ftc

with your 2g network? When guys are using 10G already

well n.a. dem Sabi, wetin me know be say before that two years I will withdraw all my funds in that bank

ah, that bank can't be trusted again o.

Mr Ayeni was the Chairman of Skye Bank. He looted the bank. He gave Goatluck 3 billion as donation to the 2015 election. Goatluck lost election and Ayeni lost errection. PDP and looting are 5 and 6.

Hmmm

Buhary is a FRAUD

Wow...bank in life support, is that one bank?

And people would be insulting ancient of days: Union Bank, and others like Unity, Wema.

Selling Polaris ahn? I see First bank, UBA, Standard Chartered..

olufalaye:
What will happen to the stock holders of the bank?

Stocks will become worthless unfortunately

And Skye Bank is dead finally

That bank has been having probz for way too long now

Amcon is nothing bt a sham. Those who ruined the bank shud not be free men. Mr ayeni and toke makinwas sugar daddy.

Customers will soon begin to troop out in great trepidation.

AndLeo:
I will buy the bank

you are thinking like me

Hhhahahaha I swear e don be for Skye bank!!! Sterling bank go follow next! Spits

Very few banks are stable in this country. Even the Stanbic and First bank that I bank with, I always watch them from my third eye!

if u still have an account with sky bank..................





















then ur name na sorry

Its appalling how Buhari's Economist are killing this economy.
Who will now bank with this bank after this.
One of these big banks should just absolve them