Polaris Bank has said the recent restructuring process in the digital retail Bank is to ensure its long-term sustainability that meets the evolving needs of its customers.
This disclosure was made by the Bank’s Managing Director/ CEO, Adekunle Sonola, who shed light on the institution’s journey of transformation and its strategic plans for the future.
Sonola emphasized the importance of corporate governance and customer-centricity in driving business success.
He stated, “without purpose, a business loses its way and without integrity, it loses its soul. We are recalibrating with the customer’s needs as our primary consideration.”
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Sonola emphasized the bank’s commitment to winning back migrant customers and supporting resident ones.
Reflecting on the lessons learned from the Bank’s transitions, the Polaris Bank CEO explained, “Having loans and advances concentrated in a sector, business, or individual is like balancing twenty crates of eggs on your head, tripping over a pebble smashes all egg crates… Funding diversification and cost optimization are now an integral part of our future.”
He highlighted the Bank’s focus on risk asset diversification and the need for a diversified funding base.
Speaking on the Bank’s capitalization, the CEO highlighted, “The Bank operates well above the statutory 10% capital adequacy requirement. We are concluding arrangements to inject Tier II capital to support our asset growth aspirations. Our shareholders are ready and willing to inject additional capital into the Bank whenever the need arises.”
He emphasized Polaris Bank’s commitment to maintaining adequate capitalization and supporting its growth objectives.
