“Normal banking transactions are not affected” – Polaris Bank writes Skye Bank customers

Polaris Bank encouraged all customers of defunct Skye Bank not to end their relationship with it.

The management of Polaris Bank has allayed customers of defunct Skye Bank’s fear over the safety of their monies.

CBN announced on Friday that it had revoked the operating license of Skye Bank with immediate effect, and many of the bank’s customers started to fret.

In a statement signed by the bridge bank’s Group Managing Director, Adetokunbo Abiru following the new development, Polaris Bank said all previous transaction policies of Skye Bank – including its management – have been retained.

The notice which was sent to customers of the defunct bank Friday midnight, stated that all depositors shall be able to conduct their normal banking transactions in respect of such deposits at all branches previously operated by Skye Bank.

“All depositors are further given notice that they are entitled to make withdrawals from their deposits either in full or in part, subject only to any security agreements existing on such deposits,” the bridge bank said.

While encouraging customers to continue banking with Polaris Bank, its management added that it “shall continue to pay interests on all deposits in accordance with any deposit agreement formerly existing existing between each depositor and Skye Bank as at the date of assumption of such deposit by Polaris Bank Limited.

“In the event that Polaris Bank Limited seeks to make any changes to interests payable on any deposits, any such changes shall be notified in writing to each depositor and shall only take effect after a reasonable time following the giving of such notice.”

The bridge bank reiterated that the CBN has retained the Board and Management Skye Bank to manage the affairs of Polaris Bank as a result of their good performance following the intervention in the defunct bank in July 2016.

All customers and depositors of the bank, it says, can reach their relationship managers for any further clarifications if required.

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