• Monday, April 22, 2024
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Analysts, commentators see positive signs in divestment of Polaris Bank

Sale of Polaris Bank supervised by divestment committee – CBN explains

Less than 24hrs after CBN announced a 100 percent divestment of government ownership from Polaris Bank to a new core investor, Strategic Capital Investment Limited (SCIL), feelers from analysts and commentators indicate that there is a good feeling about it in the market.

The Bank which has performed relatively well making profit year-on-year from its first year of operation, according to Analysts could only go from strength to strength now that it is free of government/regulatory pressure and interference.

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“This divestment has been long overdue and it could only get better now that new owners have taken over 100%. We look forward to a new Board and Management unveiled to see their growth plan, but I’m optimistic that it could only get better, Ola Anna, an Independent Lagos-based Analyst offered.

Another commentator familiar with the financial market said he could only see an upward growth trajectory ” now that the hand’s brake are off”. If Polaris Bank could be a profitable Bank year-on-year with regulators breathing down the neck of its Management, just imagine what the new management could achieve with the new core investor.”

“I guess the dragon in Polaris Bank will be unleashed and let’s be optimistic based on what the brand has achieved thus far that it could do far better in the years ahead”, Ezenwa Obi, an Economist explained.