https://punchng.com/cbn-revokes-skye-banks-licence-polaris-bank-takes-over/


*Polaris Bank Takes over Skye Bank, Emefiele Assures Depositors*

No need to panic!

Following the withdrawal of the operating licence of Skye Bank Plc, the Central Bank of Nigeria (CBN), in consultation with the Nigerian Deposit Insurance Corporation (NDIC), has established a bridge bank known as Polaris Bank, to assume the assets and liabilities of the defunct bank.

CBN Governor, Mr. Godwin Emefiele, who disclosed this on Friday, said the strategy was for the Asset Management Company of Nigeria (AMCON) to capitalise the bridge bank and begin the process of sourcing investors to buy out AMCON.

We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their busines
ses seamlessly.

“Thus, all customers of Skye Bank shall be automatic customers of the new bank and their accounts and records duly purchased by Polaris Bank,” Emefiele explained.