Keystone Bank Limited

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Keystone Bank Limited
Private
Industry Banking
Founded 2011
Headquarters Victoria Island, Lagos, Lagos State, Nigeria
Key people
Umaru H. Modibbo
Chairman
OBEAHON OHIWEREI
Managing Director and Chief Executive Officer[1]
Products Loans, Credit Cards, Savings, Investments, Mortgages
Total assets US$1.916 billion (NGN:307.5 billion)[2]
Website Homepage

Keystone Bank Limited, commonly referred to as Keystone Bank, is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.[3]

Overview[edit]

Keystone Bank offers banking services to large corporations, public institutions, small-to-medium enterprises (SMEs) and individuals. The bank is a large financial services provider in Nigeria. As of December 2012, the bank's total assets were valued at US$1.916 billion (NGN:307.5 billion), with shareholders' equity valued at about US$213.3 million (NGN:34.23 billion).[4]

History[edit]

On Friday 5 August 2011, Keystone Bank Limited was issued a commercial banking license by the Central Bank of Nigeria (CBN). On the same day, CBN revoked the banking license of Bank PHB. Keystone Bank assumed the assets and some liabilities of the now defunct Bank PHB.[5]

On 22 March 2017, Asset Management Company of Nigeria announced that Keystone bank had been sold to investors for 25 billion naira ($81.5 million). It was sold to Sigma Golf-Riverbank consortium.[6]

Ownership[edit]

The bank is 100% owned by the Asset Management Corporation of Nigeria (AMCON), an arm of the Federal Government of Nigeria.

Keystone Bank Group[edit]

The bank together with its onshore and offshore subsidiaries, constitute the Keystone Bank Group. The bank's subsidiaries include the following:[7]

Branch network[edit]

According to its website, the bank maintains a network of over 150 business offices and locations in all the states of Nigeria.[10]

Some of its products offered to the public includes; QuickSave/ QuickSave Plus, Paytime Accounts, Partner Plus, Active Dom/Dom Extra, Growbiz Account, Future Account, NIDA etc.

Governance[edit]

After the sale of the bank by AMCON, the bank is now governed by a Transitional Board.[11] The Chairman of the Transitional Board of Keystone Bank Limited is Alhaji Umaru H. Modibbo. The Acting Managing Director and Chief Executive Officer of the bank is Hafiz Bakare.[12] There are three other members of the transitional board of directors at the bank.[11]

See also[edit]

References[edit]

  1. ^ James, Ikpeme. "About   :  Keystone Bank - Convenience & Reliability". Keystonebankng.com. Retrieved 15 October 2017. 
  2. ^ "December 2012 Financial Statement" (PDF). Keystonebankng.com. Retrieved 15 October 2017. 
  3. ^ "Central Bank of Nigeria | Commercial Banks". Cenbank.org. Retrieved 2017-08-29. 
  4. ^ "Audited December 2012 Financial Statement" (PDF). Keystonebankng.com. Retrieved 15 October 2017. 
  5. ^ Chima, Obinna (2011-08-06). "Nigeria: Afribank, Spring Bank, Bank PHB Nationalised". This Day (Lagos). Retrieved 2017-08-29. 
  6. ^ Editor, Online (2017-03-21). "Finally, AMCON Sells Keystone Bank for N25bn to New Investors". THISDAYLIVE. Retrieved 2017-04-06. 
  7. ^ James, Ikpeme. "Keystone Bank | Convenience & Reliability : Information Centre  »". Keystonebankng.com. Retrieved 2017-08-29. 
  8. ^ "Bank PHB Taken-Over: Story Behind the Story‏ - Daily News from Gambia". dailynews.gm. Retrieved 2017-08-29. 
  9. ^ Kargbo, Osman (2013-09-30). "Gambia: Bank PHB Now Keystone Bank". The Point (Banjul). Retrieved 2017-08-29. 
  10. ^ James, Ikpeme. "Keystone Bank | Convenience & Reliability : Inside Keystone Bank  »". Keystonebankng.com. Retrieved 2017-08-29. 
  11. ^ a b Editor, Online (2017-03-28). "Keystone Bank Constitutes Transition Board". THISDAYLIVE. Retrieved 2017-04-06. 
  12. ^ "Keystone Bank appoints Hafiz Bakare as Acting Chief Executive Officer". Financial Nigeria International Limited. Retrieved 2017-04-06. 

Other sources[edit]

External links[edit]