Polaris Bank is a commercial Bank based in Nigeria with branches all over the country states. It also has branches in other countries in West Africa and Central Africa with subsidiaries in Sierra Leone, The Gambia, The Republic of Guinea, Liberia, Angola and Equatorial Guinea.
It is licensed by the Central Bank of Nigeria (CBN) as a Bridge Bank, established by Section 38(1)(c) and 39(1) of Nigeria Deposit Insurance Corporation Act No. 16 of 2006 (NDIC Act) and by a Purchased and Assumption Agreement dated on the 24th September, 2018. It was implemented after the Central Bank of Nigeria (CBN) revoked the License of Skye Bank of Nigeria. Polaris Bank is now one of Nigeria’s top financial institution, following the revoked license of Skye Bank, with over 373 branches and cash centres across Nigeria. It operates as a group that provides facets of financial products and services powered by a purpose built technological framework that supports the service delivery process to customers.
As of September 2010, the bank’s (then Skye Bank) assets were valued in excess as $3.9 Billion (NGN 611.5 Billion), with shareholders’ equity of approximately $630 Million (NGN98.4 Billion). Since then the bank has gone through various changes and improvement that sets it to be not just stable, but self sufficient.
The vision statement of Polaris Bank is “to be the leading and first class commercial bank”, while it’s Mission is ” to distinguish itself in the banking industry through excellent service quality steeped in the use of Information and Communication Technology (ICT).
With these, the Central Bank of Nigeria has kept an eye it to see it’s progress.
Polaris Bank operates in all the leading market segments of Nigeria, West Africa and Central African economy serving a wide customer based in the public and private sector, including large and small corporate organizations, SMEs, professional groups and institutions. Its main business areas cuts across the following markets:
- Retail Banking
- Commercial Banking
- Corporate Banking
- Investment Banking
- International Operations and Trade Services
- Maritime and Aviation
- Project and Structured Finance
- Public Sector.
With these businesses in place, Polaris Bank Limited is well set up to be prosperous in its endeavours. Also with its Board Members and Executives, Polaris Bank, has been set and established to survive in the Nigerian, West African and Central African markets.