Polaris Bank has demonstrated remarkable resilience and a commitment to innovation

Key takeaways:

  • Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
  • Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
  • In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
  • The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.

In 2018, the Central Bank of Nigeria founded Polaris Bank to take over the assets and liabilities of the now-defunct Skye Bank. Under the guidance of Managing Director Tokunbo Abiru, the bank concentrated on stabilisation and growth.

Embracing technological advancements, the bank introduced its digital banking platform, VULTe, in 2021, improving its customer experience. In October 2022, Strategic Capital Investment Limited acquired full ownership of Polaris Bank, marking a significant new phase. Following this, in January 2024, the Central Bank of Nigeria reorganised the bank's leadership, appointing Kayode Lawal as the new Managing Director/CEO.

Source:

Polaris Bank, Media reports

Period:

1989 - 2024
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