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Nairaland Forum / Nairaland / General / Business / Strategic Capital Investment Acquires Polaris Bank (456 Views)
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Strategic Capital Investment Acquires Polaris Bank by divinehand2003(m): 5:18am On Oct 21, 2022 |
The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have formally announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). This is even as the House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed laid down procedure and the relevant presidential approval. A statement issued by the director, corporate communications department at the CBN, Osita Nwanisobi, on behalf of the CBN and AMCON disclosed that SCIL had paid an upfront consideration of N50 billion to acquire 100 per cent of the equity of Polaris Bank and had also accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. According to the statement, “the CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered. https://leadership.ng/strategic-capital-investment-acquires-polaris-bank/ |
Re: Strategic Capital Investment Acquires Polaris Bank by herkeem: 5:29am On Oct 21, 2022 |
Good |
Re: Strategic Capital Investment Acquires Polaris Bank by divinehand2003(m): 5:31am On Oct 21, 2022 |
Polaris Bank is gone. We await a new bank with a new name and a new beginning. Banks are super rich. |
Re: Strategic Capital Investment Acquires Polaris Bank by DWJOBScom(m): 5:57am On Oct 21, 2022 |
Goodbye Polaris Bank New name please |
Re: Strategic Capital Investment Acquires Polaris Bank by kettykin: 6:03am On Oct 21, 2022 |
Who is behind the SCI, 50b to me is selling former Skype bank as scrap |
Re: Strategic Capital Investment Acquires Polaris Bank by Omihanifa: 6:08am On Oct 21, 2022 |
kettykin: Does the 50 billion covers the assets ( cars,buildings, office equipment and furnitures). Or it’s just shares ? |
Re: Strategic Capital Investment Acquires Polaris Bank by kettykin: 6:09am On Oct 21, 2022 |
Omihanifa:I presume they bought shares/equity only |
Re: Strategic Capital Investment Acquires Polaris Bank by saferoom: 6:27am On Oct 21, 2022 |
Ok |
Re: Strategic Capital Investment Acquires Polaris Bank by 40fy: 6:37am On Oct 21, 2022 |
**Change the fúckin' name once again and I'm out!! |
Re: Strategic Capital Investment Acquires Polaris Bank by Unclefemolala(m): 1:57pm On Oct 21, 2022 |
kettykin: It's just an upfront payment The Bank is worth 1.3Trillion which SCIL will pay over 25 years to CBN |
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