As the financial institution formerly known as Skye Bank goes under, the Central Bank of Nigeria has announced that a new bridge bank, Polaris Bank will take over the operations and serve customers.

In his speech which announced the dissolution of the troubled Skye Bank, CBN Governor Godwin Emefiele revealed that Polaris Bank will assume the assets and liabilities of the now defunct bank.

Having received a capital injection of three-thirds of a trillion naira just over two years ago, the CBN determined that the bank did not stand a chance of meeting its shareholder obligations and intervened to forestall a total crash of the bank.

The new bank by the CBN and the Nigerian Deposit Insurance Corporation (NDIC) was then formed with a view to stabilize the operations of the troubled bank and continue to serve its board and customers.

Source - http://www.colossusgists.com/2018/09/what-you-should-know-about-polaris-bank.html