AMCON wants Polaris Bank sold in two years

The Asset Management Corporation of Nigeria has said it wants a quick sale of Polaris Bank, the lender created to take over the assets and liabilities of the failed Skye Bank Plc. The Chief Executive Officer, AMCON, Ahmed Kuru, in an interview with Bloomberg in Lagos, said the divestment would be quick as the agency had met with the management of Polaris Bank and would sell the business in less than two years. He said AMCON had set a 2023 deadline for dissolving the operations of Polaris Bank, even as it was still struggling to recover non-performing loans. The Central Bank of Nigeria had last month revoked the licence of Skye Bank for failing to meet capital and liquidity requirements, and asked AMCON to capitalise Polaris Bank with N786bn ($2.2bn). Read More: