Polaris Bank has undergone a significant restructuring process to ensure her long-term sustainability that meet the evolving needs of its customers.
This disclosure was made by the Bank’s Managing Director/ Chief Executive Officer, Adekunle Sonola in an insightful interview with Proshare, where he 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.”
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 chief executive officer 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.
Responding to questions about Polaris Bank’s size, Sonola said, “Our size, relative to other Tier II players, can be best appreciated against the legacy challenges of the Bank… we still consider size important as it affords more opportunities and possibilities.” He emphasized the Bank’s focus on value creation rather than sheer size and its commitment to being a major challenger among Tier II banks.