No, Skye Bank PLC no longer exists. Its operations were discontinued in 2018 when its banking license was revoked by regulatory authorities.
The Dissolution of Skye Bank and the Establishment of Polaris Bank
The journey of Skye Bank PLC came to an end in 2018. This significant event led to the establishment of a new entity, Polaris Bank Limited, which was set up as a bridge bank. The primary purpose of a bridge bank in such a scenario is to take over the assets and certain liabilities of the dissolved financial institution, ensuring continuity of banking services and safeguarding depositors' funds.
This strategic intervention by the Central Bank of Nigeria ensured that the transition was managed smoothly, preventing a complete collapse of services for Skye Bank's customers. Polaris Bank Limited effectively absorbed the operational framework and customer base of the now-defunct Skye Bank PLC.
What Happened to Skye Bank's Operations and Customers?
When Skye Bank PLC's license was revoked, its status transitioned from an active financial institution to a defunct entity. This means that all its banking operations, including customer accounts, loans, and other financial services, were transferred to Polaris Bank Limited.
Here's a summary of the transition:
- License Revocation: Skye Bank's banking license was withdrawn by regulatory bodies in 2018.
- Bridge Bank Establishment: Polaris Bank Limited was immediately established as a successor to take over the viable assets and relevant liabilities. You can find more about Polaris Bank's operations on their official website: Polaris Bank Limited.
- Customer Transition: Customers of Skye Bank automatically became customers of Polaris Bank, with their accounts and banking services seamlessly migrated to the new entity.
- Defunct Status: Skye Bank PLC officially ceased to exist as an operational bank.
This table illustrates the change:
| Entity | Status | Year of Change | Successor/Outcome |
|---|---|---|---|
| Skye Bank PLC | Defunct | 2018 | Replaced by Polaris Bank |
| Polaris Bank Ltd. | Operational | 2018 | Successor to Skye Bank |
Therefore, while the name "Skye Bank" might still be remembered, the institution itself is no longer active in the Nigerian banking landscape.
