Strategic Capital Investment acquires Polaris Bank, to repay CBN's N1.3trn capital injection | TheCable

The Central Bank of Nigeria says it has completed the sales of Polaris Bank to Strategic Capital Investment Limited , a new core investor.Nwanisobi said the investment company acquired 100 percent equity stakes in the bank.Polaris has been operating as a bridge bank since 2018 when CBN intervened to revoke the licence of the former Skye Bank Plc and established a bridge bank to assume its assets and certain liabilities.

“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”According to the statement, SCIL has paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and has accepted the terms of the agreement.

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