Publication on the speculative sale of Polaris Bank; stable, solid, credible bank – Management

Subject: ONLINE POSTING ON THE ALLEGED SALE OF POLARIS BANK

Our attention has been drawn to an online report on the alleged sale of Polaris Bank Limited.

This posting is speculative, deliberately intended to create panic and should be ignored by the banking public.

Stakeholders may recall the regulatory intervention in the former Skye Bank by the CBN and subsequent injection of capital through the Asset Management Corporation of Nigeria (AMCON) through a process of bridge bank, which gave birth to Polaris Bank in 2018. The Bank has since stabilized its operations following the intervention; improve its balance sheet, customer base and profitability.

While the intention has always been to return the Bank to private ownership, such a sale would occur after regulatory approvals with formal notification to all affected stakeholders. The Bank undertakes to ensure rapid communication to the public during such an event.

The Board of Directors and management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver lasting value to all of its stakeholders.< /p>

Signed Management

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