Friday, 21 September 2018

Skye Bank’s License To Operate Revoked By CBN, But Customers Are Asked To Remain Clam As Their Money Is Still Intact

Skye Bank’s License To Operate Revoked By CBN, But Customers Are Asked To Remain Clam As Their Money Is Still Intact

The Central Bank of Nigeria (CBN) has withdrawn the operating license of Skye Bank. This was announced by CBN Governor, Godwin Emefile in Lagos on Friday evening.

Former Skye Bank now Polaris Bank has been established to assume ownership of the assets and liabilities of Skye Bank.

The Nigeria Deposit Insurance Corporation has injected N786bn in the new bank.

The management of the defunct bank was however retained for its good performance.

The defunct Skye Bank has been on CBN’s lifeline since July 2016 and the apex bank says it can no longer continue to intervene to keep the balance liquid.?

CBN as assured all Skye Bank now Polaris bank customers not to fret or panic as their money in the bank is safe. This evening, the apex bank revoked the license of the former Skye bank.

The CBN governor, Godwin Emefiele said the decision had been reached following the inability of the owners of former Skye bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.

He announced that the Cental bank had injected N786 billion into the bank to return it to soundness and profitability. In a statement released this evening, the apex bank says the former Skye Bank which would now be known as Polaris bank will continue banking activities all branches of the former Skye Bank on Monday September 24th.

“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 ensure customers to transact their businesses seamlessly.”CBN says

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