Polaris Bank

Overview

Polaris Bank is Nigerian commercial bank + Strategic Capital Investment Limited SCIL Nigerian investment consortium parent post-Oct 2022 ~$540M acquisition from AMCON + founded Sep 21 2018 as Polaris Bank post-Skye Bank Nigerian banking restructuring [1, ng-cro].

History

1989 — Prudent Bank founded as Nigerian commercial bank.

2006 — Skye Bank consolidation via 5-bank merger of Prudent Bank + Bond Bank + Reliance Bank + Cooperative Bank + EIB International Bank.

Sep 21 2018 — Polaris Bank founded as Polaris Bank post-Skye Bank Nigerian banking restructuring by AMCON Asset Management Corporation of Nigeria.

Oct 2022 — Strategic Capital Investment Limited SCIL acquires Polaris Bank from AMCON for ~$540M.

Ownership & operator

Operating entity: Polaris Bank Plc (Nigerian commercial bank; SCIL parent).

Major shareholders: Strategic Capital Investment Limited SCIL (Nigerian investment consortium) parent post-Oct 2022 ~$540M acquisition from AMCON.

Regulators: CBN Central Bank of Nigeria.

Technical integration

Polaris Vulte mobile app (iOS + Android) + polarisbanklimited.com online + Polaris Bank branch network across Nigeria + Polaris Visa + Mastercard + Verve cards; NG IBAN + NIBSS Instant Payments + NQR Nigeria.

Implementations & partners

Major Nigerian banking + payments competitors: [[zenith-bank]] (Zenith Bank; NGX: ZENITHBANK) + [[first-bank-nigeria]] (First Bank of Nigeria FBN; NGX: FBNH; Nigeria's oldest commercial bank since 1894) + [[gtbank]] (Guaranty Trust Bank GTBank; NGX: GTCO) + [[access-bank]] (Access Bank; NGX: ACCESSCORP; Nigeria's #2 commercial bank by assets) + [[uba]] (UBA United Bank for Africa; NGX: UBA; Pan-African banking group) + [[union-bank-nigeria]] (Union Bank of Nigeria UBN; NGX: UBN) + [[fidelity-bank-nigeria]] (Fidelity Bank Nigeria; NGX: FIDELITYBK) + [[wema-bank]] (Wema Bank; NGX: WEMABANK; Nigeria's oldest indigenous commercial bank since May 2 1945) + [[sterling-bank-nigeria]] (Sterling Bank; NGX: STERLINGNG) + [[fcmb-nigeria]] (First City Monument Bank FCMB; NGX: FCMB) + [[ecobank]] (Ecobank Transnational Inc; ETI; Pan-African banking group) + [[stanbic-ibtc]] (Stanbic IBTC; NGX: STANBIC; Standard Bank Group Nigerian subsidiary) + [[opay]] (OPay; Nigerian super-app + mobile money) + [[kuda-bank]] (Kuda Bank Nigerian digital bank) + [[carbon]] (Carbon Nigeria digital bank).

Regulators: CBN Central Bank of Nigeria.

Status

Active, Nigerian commercial bank + Strategic Capital Investment Limited SCIL Nigerian investment consortium parent post-Oct 2022 ~$540M acquisition from AMCON + founded Sep 21 2018 as Polaris Bank post-Skye Bank Nigerian banking restructuring [1, 2].

Sources

• 1 Polaris — official
• 2 Polaris — Wikipedia
• ng-cro In-corpus: reports/countries/NG-nigeria.md

Source

Biography extracted from polaris-bank.md. See matrix.md for standards-support matrix if present.