Polaris Bank Limited

Polaris Bank Limited, is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria, the country's banking regulator.[3][4]

The Polaris Bank Logo
Polaris Bank Limited
TypeBridge Bank
IndustryFinancial Services
GenreBanking
FoundedSeptember 24, 2018 (2018-09-24)[1]
Headquarters3 Akin Adesola Street
Victoria Island, Lagos, Lagos State, Nigeria
Key people
Muhammad K. Ahmad
Chairman
Adetokunbo Mukhail Abiru
Chief Executive Officer[2]
ProductsBanking and Financial Services
Websitepolarisbanklimited.com

Overview

Polaris Bank is a large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea. As of September 2010, the bank's total assets were valued in excess of US$3.9 billion (NGN:611.5 billion), with shareholders' equity of approximately US$630 million (NGN:98.4 billion).[5]

History

The bank traces its origins back to 1989 when Prudent Bank Plc., was incorporated as a limited liability company. In 1990, the bank was issued a license as merchant bank. That same year, it re-branded as Prudent Merchant Bank Limited. In 2006, Prudent Merchant Bank Limited merged with four other banks to form Skye Bank Plc.:[6]

  • Bond Bank Limited
  • EIB International Bank Plc.
  • Reliance Bank Limited
  • Co-operative Bank Plc.

In January 2011, the bank introduced a Naira-denominated MasterCard debit card, called "MasterCard Verve", the first of its kind in Nigeria. The bank also offers Internet banking and mobile banking.[7]

In 2014, the bank acquired Mainstreet Bank Limited.

Ownership

On 21 September 2018, Godwin Emefiele, the Governor of the Central Bank of Nigeria announced in Lagos that the apex bank had revoked the operating licence of Skye Bank.[8][9][10] Emefiele also stated that the assets and liabilities of the bank would be taken over by a new entity, Polaris Bank[11] due to the inability of the Skye Bank's shareholders to adequately recapitalise the bank after the 2016 intervention.[12]

Branch network

Polaris Bank Limited maintains an interlinked branch network of over two hundred and sixty (260) branches in all parts of Nigeria. The bank maintains her headquarters at 3 Akin Adesola Street, Victoria Island, Lagos, Lagos State, Nigeria.

Governance

Effective 2016, the Chairman of the Board is M. K. Ahmad, who chairs the sixteen (16) member Board of Directors. The Chief Executive Officer and Group Managing Director is Mr. Tokunbo Abiru. And Mr Gabriel

See also

References
  1. Vanguard Business News (22 September 2018). "NSE suspends trading on Skye Bank shares". Vanguard (Nigeria). Lagos. Retrieved 5 November 2018.
  2. Polaris Bank (5 November 2018). "The Board of Directors of Polaris Bank Limited". Lagos: Polaris Bank Limited. Retrieved 5 November 2018.
  3. Central Bank of Nigeria (5 November 2018). "Central Bank of Nigeria: List of Licensed Commercial Banks". Abuja: Central Bank of Nigeria. Retrieved 5 November 2018.
  4. Udo, Bassey (21 September 2018). "Nigeria's Central Bank takes over Skye Bank". Premium Times. Abuja. Retrieved 5 November 2018.
  5. Unaudited Financial Report: September 2010 Archived January 4, 2011, at the Wayback Machine
  6. Obinna, Chima (24 September 2018). "A Decade after, Like Lehman Brothers, Like Skye Bank?". This Day. Lagos. Retrieved 5 November 2018.
  7. "Nigeria: Skye Bank Unveils First Mastercard Verve". Daily Champion via AllAfrica.com. Lagos. 27 January 2011. Retrieved 5 November 2018.
  8. Nike Popoola (21 September 2018). "CBN revokes Skye Bank's licence, Polaris Bank takes over". The Punch. Retrieved 5 November 2018.
  9. "Breaking: Skye Bank's operating licence revoked by CBN - Vanguard News". Vanguard News. 2018-09-21. Retrieved 2018-10-09.
  10. siteadmin (2018-09-21). "BREAKING: CBN Revokes Skye Bank's Licence | Sahara Reporters". Sahara Reporters. Retrieved 2018-10-09.
  11. "CBN revokes Skye Bank's licence, Polaris Bank to take over assets - TheCable". TheCable. 2018-09-21. Retrieved 2018-10-09.
  12. "Why CBN revoked Skye Bank licence - Vanguard News". Vanguard News. 2018-09-21. Retrieved 2018-10-09.
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