But at the take over of the bank by AMCON, Emefiele noted: “Given the good performance of the board and management, the CBN shall retain them. In addition, all employees of Skye Bank shall be absorbed by Polaris Bank under a new contract, unless any employee decides to opt out.”Meanwhile, the NDIC chief has declared as falsehood, the allegation that Polaris Bank was not registered by the Corporate Affairs Commission (CAC), a day after Emefiele told Nigerians that the said bank was first registered two weeks ago as a limited liability company, thus reinforcing their objections to the claim. Ibrahim added that Polaris Bank is now a full-fledged bank and no longer a bridge bank, largely owned by Asset Management Corporation of Nigeria, as the major investor. Normally, you register a company first, before pursuing a licence; and when the licence is approved, you register again as a bank. These include policy normalisation in notable economies, which may result to sharp volatility and disruptions in financial markets.

Source: The Guardian September 27, 2018 04:07 UTC