Sep 23 (Lagos) - Skye Bank (
SKYEBANK ) operating license has been cancelled by CBN and a bridge bank has been created by the name of Polaris Bank to take over the assets and liabilities of erstwhile Skye Bank.
So AMCON will inject funds into Polaris Bank and run it until someone comes forward to acquire it.
CBN has ensured that deposits are safe.
This seems to be the same strategy the bank adopted with earlier bank failures with creating of bridge banks like Keystone Bank, Mainstreet Bank and Enterprise Bank.
Keystone bank has finally taken over by new owners in 2017.
It will be a sad end to a long sad road for the shareholders of Skye Bank Plc. They have to blame themselves to keep holding on to these shares despite all the known red flags that existed at the Bank.
reporting for easykobo.com on Friday, Sep 21 2018 from Lagos, Nigeria