The history of Keystone Bank in Nigeria begins eleven years ago, immediately after the dissolution of some other banks’ licenses. However, Keystone Bank Limited, is a commercial bank in Nigeria and also one of the commercial banks licensed by the Central Bank of Nigeria, that is, the banker’s bank or the national banking regulator. As of recent grading, Keystone bank is the fifth largest financial service provider in Nigeria.
Keystone is undoubtedly one of the most successful young generation banks whose popularity is daily increasing and as so, gradually gaining its ground on the Nigerian financial market. Thus, it will be a nice idea for you to have a glimpse into what historical background the bank has over the years.
History of Keystone Bank in Nigeria.
Platinum Habib Bank, which could still be accepted as Bank PHB, was a commercial bank before it got changed into the Keystone bank which now becomes the fifth largest financial service provider in Nigeria. Bank PHB was previously owned by the Asset Management Corporation of Nigeria, an arm of the Federal Government of Nigeria. Having gone through the shift in name and license, the bank is currently owned by Sigma Golf River Bank Consortium after being acquired from the Asset Management Corporation of Nigeria (AMCON) in March 2017.
On Friday 5 August 2011, Keystone Bank Limited was issued a full service commercial banking license by the Central Bank of Nigeria. On the same day, CBN revoked the banking license of Bank PHB, Platinum Habib Bank. Keystone Bank then assumed the assets and some liabilities of the now defunct Bank PHB.
The Bank has met and exceeded all capital adequacy requirements of the CBN and assumed the deposit liabilities, certain other liabilities and assets of former Bank PHB Plc, following the revocation of the erstwhile bank’s operating License by the CBN.
1. Change of Ownership License
But, on 22 March 2017, AMCN announced that Keystone bank had been sold to investors for 25 billion naira ($81.5 million). Sigma Golf-Riverbank consortium bought it; thus, Keystone Bank Limited was created by taking over all the assets (including subsidiaries) and liabilities of the now defunct Bank PHB, whose commercial banking license had been revoked on the same day.
2. Keystone Bank Board of Directors and Names
After the sale of the bank by AMCON, the bank is now governed by a substantive Board of Directors:
- The Chairman of the Board of Keystone Bank Limited – Alhaji Umaru H. Modibbo
- Former Managing Director and Chief Executive Officer – Mr. Abubakar Danlami Sule
- The New Managing Director and Chief Executive Officer of the bank – Olaniran Olayinka
Olaniran Olayinka was appointed in March 2020 shortly after the exit of the old MD/CEO.
Other Current Executive Directors of the Bank are:
- Messrs Tijjani Aliyu
- Adeyemi Odusaya
- Lawal Jibrin Ahmed
3. Keystone Bank Branches and Subsidiaries
So far, the bank now, together with its onshore and offshore subsidiaries, constitute the Keystone Bank Group with her subsidiaries situating in Monrovia, Liberia as the Global Bank Liberia, and then in Lagos, Nigeria as Keystone Insurance Company. Going by this fact, the bank maintains a network of over 154 business offices and locations in all the states of Nigeria. Check the information.
4. The Keystone Financial Products
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.
5. Customer Service Number and Email
The Keystone Bank Brand is built on meeting and exceeding customer expectations by providing simple, convenient banking service at all times. No doubt, it is a rapidly growing bank currently operating in three countries with an array of local and international relationships across developing and developed countries and territories that matter most to our customers.
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