Wallets/polaris-bank
Polaris Bank
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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, Nigeria report.
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 of Nigeria (FirstMobile) (First Bank of Nigeria FBN; NGX: FBNH; Nigeria's oldest commercial bank since 1894) + GTBank (Guaranty Trust Bank; GTWorld) (Guaranty Trust Bank GTBank; NGX: GTCO) + Access Bank (Access Bank; NGX: ACCESSCORP; Nigeria's #2 commercial bank by assets) + UBA (United Bank for Africa) (UBA United Bank for Africa; NGX: UBA; Pan-African banking group) + Union Bank of 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 First City Monument Bank (First City Monument Bank FCMB; NGX: FCMB) + Ecobank / Ecobank Mobile App (Ecobank Transnational Inc; ETI; Pan-African banking group) + Stanbic IBTC Nigeria / Stanbic IBTC Mobile 3.0 (APPbility) (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
- Nigeria report In-corpus:
reports/countries/NG-nigeria.md
Source
Biography extracted from polaris-bank.md. See matrix.md for standards-support matrix if present.