Polaris Bank Limited has acquired all the deposit liabilities and certain other liabilities of the defunct Skye Bank Plc and its assets.
All the Depositors of Skye Bank Plc are now customers/Depositors of Polaris Bank Limited and the Central Bank of Nigeria (CBN) guarantees the safety of the funds.
According to Polaris Bank, they will continue to meet its obligations to depositors of funds and fulfil obligations under contracts, including but not limited to the payment of interest on term deposits entered into by customers of the defunct Skye Bank Plc.
Despite the acquisition of Skye Bank, Polaris bank has promised customers of the former bank that they will still be able to carry out various banking businesses with the bank unhindered and across all platforms, including its over 370 business locations across the country and alternate banking platforms like Mobile, Internet, POS, USSD and the likes.
In addition to the CBN guarantee on all depositor’s funds in Polaris Bank Limited, the Nigerian Deposit Insurance Company (NDIC), who is also playing a key role in this transformation journey, has insured all customers’ deposits.
Polaris bank Limited has acquired the loans which form part of the assets and in line with the mandate of the CBN, will continue to aggressively pursue the recovery of its loan portfolio. The transition to Polaris Bank Limited does not absolve borrowing customers of Skye Bank for their repayment obligation.