Business and Economy

CBN revokes the license of Skye Bank, sets up Polaris Bank as a bridge bank

The Central bank on Friday revoked the operating license of Skye Bank Plc.

Subsequently, the Nigeria Deposit Insurance Corporation (NDIC) created a bridge bank named Polaris Bank to assume assets and liabilities of the now defunct Skye Bank Plc. This is to continue the banks operations and ensure safety of depositors fund.
The bridge bank is expected to inject the of N786bn towards recapitalising the new Polaris bank and return it to stability and profitability before selling to interested investors.

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