History and Salary Structure of Polaris Bank

History and Salary Structure of Polaris Bank are provided in this article. You will find it informative and…

History and Salary Structure of Polaris Bank are provided in this article. You will find it informative and helpful for your research.

History of Polaris Bank

History and Salary Structure of Polaris Bank
History and Salary Structure of Polaris Bank – Photo Source: https://www.mntrends.com

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Polaris Bank is a large financial institution in West Africa and Central Africa. Gambia, Angola, Liberia, and Equatorial Guinea.

Polaris bank as of September 2010 had a total assets value of 3.9 billion US dollars which is equivalent to 611.5 billion Naira, with shareholders’ equity of approximately 630 million US dollars approximately 98.4 billion Naira.

To an average man, Polaris bank may be a new one. But a careful study of the emergence of the name reveals that the bank traces its origins back to 1989 when Prudent Bank Plc. was incorporated as a limited liability company.

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The bank was issued a license as a merchant bank in 1990. It got re-branded as Prudent Merchant Bank Limited still in 1990 and in 2006, Prudent Merchant Bank Limited got merged with four other banks to form the then prestigious Skye Bank Plc which was a merger of Bond Bank Limited, EIB International Bank Plc., Reliance Bank Limited, and Co-operative Bank Plc.

The bank introduced a Naira-denominated MasterCard debit card called MasterCard Verve in January 2011, the first of its kind in Nigeria. Polaris bank also offers mobile banking and Internet banking.

Polaris Bank Limited (Formerly called Skye bank) maintains an interlinked branch network of over two hundred and sixty branches all over Nigeria. The bank maintains its headquarters at 3 Akin Adesola Street, Victoria Island, Lagos, and Lagos State, Nigeria.

Polaris bank upon taking over the assets of Skye bank still maintains the salary structure of the then Skye bank they pay their staff based on some categories.

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The essence of this article is to help clients who wish to secure an opportunity with the bank to have a pretty knowledge of what the bank pays.

Polaris Bank’s salary structure may not currently rank among the best salary structures, however, it is still competitive. If you wish to apply for a job at Polaris bank, you do not have a problem.

In as much as the bank pays reasonably well, you will realize that the responsibilities attached to working in the bank generally are enormous, therefore all hands must be on deck.

Polaris Bank pays contract staff around 55,000 Naira monthly and this category of staff are not entitled to promotions of any sort.

Upon gaining employment as a graduate in Polaris Bank, just like other banks like Fidelity Bank, Eco Bank, GTB, Zenith Bank, FirstBank, and other new generation banks, you will be required to attend a compulsory four (4) months Polaris Bank training school.

The training includes theoretical, practical, and real-life training which gets the newly employed prepared for the task ahead and adjust to the internal workings of the bank.

Towards the end of the 4 months of compulsory training at Polaris Bank training school, all trainees will be sent on a two weeks compulsory attachment with various Polaris Bank branches within the city. Upon completion of the training, successful trainees are selected while the unsuccessful are discharged.

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During this training, the trainees are paid. Polaris Bank pays their Graduate Trainees N35, 000 monthly for 4 months, this is to cater for their transport and other expenses.

Polaris Bank pays their Entry-Level staff a sum of 95,000 Naira monthly and a total of 1,140,000 Naira annually excluding other bonuses and profit sharing usually carried out towards their financial year-end (not necessarily December).

Now you know the History and Salary Structure of Polaris Bank.
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