Keystone Bank Limited

Keystone Bank Limited
Private
Industry Banking
Founded 2011
Headquarters Victoria Island, Lagos, Lagos State, Nigeria
Key people
 Umaru H. Modibbo
Chairman
Hafiz Bakare
Acting 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

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

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 Wednesday, 22 of 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

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

Keystone Bank Group

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

Branch network

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

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

References

  1. ↑ The Board of Directors of Keystone Bank
  2. ↑ December 2012 Financial Statement
  3. ↑ List of Licensed Commercial Banks
  4. ↑ Audited December 2012 Financial Statement
  5. ↑ Keystone Bank Issued Commercial Banking License On Friday 5 August 2011
  6. ↑ Editor, Online (2017-03-21). "Finally, AMCON Sells Keystone Bank for N25bn to New Investors". THISDAYLIVE. Retrieved 2017-04-06.
  7. ↑ Subsidiaries of Keystone Bank
  8. ↑ Bank PHB (Gambia) Is 100% Subsidiary of Keystone Bank Limited
  9. ↑ Bank PHB Now Keystone Bank
  10. ↑ Keystone Bank With Over 200 Branches In January 2012
  11. 1 2 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.

[1][2][3][4]

  1. ↑ "AMCON names new buyers of Keystone Bank - Premium Times Nigeria". Premium Times Nigeria. 2017-03-21. Retrieved 2017-04-06.
  2. ↑
  3. ↑
  4. ↑
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