Polaris Bank reiterates commitment to growth

The Chief Executive Officer, Polaris Bank, Adekunle Sonola, has said the bank is growing and positioning itself for digital leadership and market dominance.

In a statement, it assured its customers, financial sector stakeholders, and regulators that the bank passed its road to recovery years back.

Sonola stated that the bank is currently on the growth path leading to market dominance.

According to him, careful rethinking and re-strategising corporate plans created the bedrock of competitive burst and business sustainability, both attributes that Polaris Bank had focused on in the last few years, working with professional bodies such as PwC, Ernst & Young, and KPMG across several corporate verticals.

“The bank has travelled past the recovery road years back; it is currently on the growth road leading to market dominance.

“Adequate capitalisation is a key measure of financial health, providing comfort to depositors and affording balance sheet and business growth.

“The bank is presently adequately capitalised, operating well above the 10 per cent minimum requirement for national banks.”

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He added, “Nonetheless, we are concluding arrangements to inject Tier II capital into the Balance Sheet to support our growth aspirations.

“Our shareholders are ready and willing to inject Tier I capital into the books. Having instituted best-in-class risk management practices, and maintaining adequate capitalisation to support our growth objectives is not one of the bank’s immediate challenges and will not be in the foreseeable future.”

The new owners, he said, were committed to providing necessary support towards building a strong and resilient financial position to underwrite transactional activities of the bank for sustainable value creation.

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