AMCON To Sell Polaris Bank After The 2019 Elections
The Asset Management Corporation of Nigeria, AMCON is looking for investors to take over Polaris bank after elections next month.
A spokesman of the “bad bank” said on Tuesday it is already taking stock of the bank’s assets ahead of the sale.
“The election season has slowed down things,” Jude Nwauzor, AMCON spokesman said.
“We would advertise for expressions of interest from investors after elections and commence the sale process,” Nwauzor said.
Recall that Polaris Bank was set up last year to take over the assets of Skye Bank which collapsed and had its operating licence revoked by the Central Bank of Nigeria, CBN.
Polaris was then transferred to the state-owned bad bank for sale to investors. AMCON has previously sold three other nationalised banks.
The AMCON spokesman said the bad bank was seeking to recover debts owed to Polaris that were non-performing and had asked for proposals on repayment.
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