CBN Makes Revelation On Sale Of Polaris Bank

CBN Makes Revelation On Sale Of Polaris Bank

The Central Bank of Nigeria (CBN) has stated that the sale of Polaris Bank was conducted in accordance with the law and has urged the public to disregard what it has described as a misleading online publication stating otherwise.

The declaration was made by the apex bank in a statement signed by its Director of Corporate Communications, Osita Nwanisobi, on Wednesday.

Contrary to popular belief, the divestment from Polaris Bank was overseen by a Divestment Committee (Committee) comprised of senior representatives from the Asset Management Corporation of Nigeria (AMCON) and the Central Bank of Nigeria (CBN), as well as reputable legal and financial advisers.

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The CBN also stated that the divestment mode, process, and decision were approved by the necessary board and regulatory bodies.

Following an evaluation, the apex bank stated that the promoters of the strategic purpose vehicle, SCIL, emerged as the preferred purchaser, having presented the most comprehensive technical and financial purchase proposal and the highest-rated growth plans for Polaris Bank.

In addition to passing all fitness and propriety tests, the promoters made the highest financial offer for the bank, which was significantly higher than its core valuation and reserve price, according to CBN.

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