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Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday. Emefiele said the decision was reached following the inability of the owners of the bank to shore up the capital of the distressed bank which had earlier received a N350 billion intervention in July 2016.
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Also, the Managing Director and Chief Executive of Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim said the option of a bridge bank was to ensure that the depositors of the bank are taken care of and deposits are not lost.
Ibrahim said that the bridge bank would also ensure that there would be no job losses as Polaris Bank would retain all staff of the distressed bank under a new contract.
Meanwhile, the share price of Skye bank on Friday gained 4.05 percent at 77 kobo.
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