ASSBIFI hails CBN on Skye Bank

Image result for The Association of Senior Staff of Banks, Insurance and Financial InstitutionsThe Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has hailed the Central Bank of Nigeria (CBN) for revoking Skye Bank’s licence.

The union said the N786 billion injected into the bank,  which has been renamed Polaris Bank, was a bold move at ensuring soundness and efficiency of the banking sector. It added that the bank’s sale process be done under best practices.

ASSBIFI National President Comrade Oyinkan Olasanoye stated this while briefing reporters in Lagos. She said there was no need for panic by the public, customers and workers of the bank.

Olasanoye noted that as at today, Polaris Bank has a clean balance sheet as it carries no toxic assets in its new balance sheet. “The Bank is well positioned to meet its obligations to all its numerous customers,” she said.

She advised the bank’s numerous customers to continue to do business with the bank as there is no cause for alarm.

Olasanoye said ASSBIFI, as a strategic partner in the banking sector, will study the purchase and assumption agreement, which established Polaris Bank and engage the management of the new bank in concrete discussions aimed at ensuring the realisation of its vision, goals and objectives.

She said the Asset Management Corporation of Nigeria (AMCON) should be allowed to undertake the sale exercise without undue interference from greedy party patrons and ensure that the exercise does not go the way of Mainstreet Bank, which was clandestinely sold to the defunct Skye Bank.

The president advised that only healthy financial institutions with very clean balance sheets, which will add great value to Polaris Bank should be made to participate in the exercise and the best among them made to pay.

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