History of Keystone Bank
Keystone Bank Limited is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the country’s banking regulator, the Central Bank of Nigeria.
Keystone Bank provides banking services to large corporations, public institutions, small and medium enterprises (SMEs), and individuals. The bank is the major financial service provider in Nigeria. In December 2012, the bank’s total assets were valued at US$1,916 million (NGN:
307.5 billion USD), and equity capital of approximately 213.3 million USD (NGN:
34.23 billion). On Friday 5th August 2011, Keystone Bank Limited received a commercial banking license from the Central Bank of Nigeria (CBN). On the same day, CBN revoked Bank PHB’s banking license. Keystone Bank took over some of the assets and liabilities of the now defunct Bank PHB .
On March 22, 2017, the Nigerian asset management firm announced that Keystone Bank had been sold to investors for his Naira 25 billion ($81.5 million). It was sold to the Sigma Golf-Riverbank consortium. The bank was previously owned by the Nigerian Asset Management Corporation (AMCON), a branch of the Federal Government of Nigeria. The bank is now owned by the Sigma Golf River Bank Consortium after being acquired by the Asset Management Corporation of Nigeria (AMCON) in March 2017.
The bank forms the Keystone Bank Group with its onshore and offshore subsidiaries. Our subsidiaries include:
- Global Bank Liberia – Liberia, Monrovia
- Keystone Insurance – Lagos, Nigeria
According to its website, the bank operates a network of over 150 branches and locations in all states of Nigeria.
Commonly offered products include: QuickSave/QuickSave Plus, Paytime Accounts, Partner Plus, Active Dom/Dom Extra, Growbiz Account, Future Account, NIDA, etc.
Following the sale of the bank by AMCON, the bank is now controlled by a board of directors. The Chairman of the Board of Keystone Bank Limited is Alhaji Umaru H. Modibbo. The managing director and chief executive officer of the bank is Olaniran Olayinka , who was appointed in March 2020 shortly after the retirement of Mr. Abubakar Danlami Sule, MD/CEO. The bank’s current managing directors include Tijjani Aliyu, Adeyemi Odusaya and Lawal Jibrin Ahmed.
Keystone Bank Limited (Bank) was granted a commercial banking license by the Central Bank of Nigeria on 5 August 2011. The bank, which has taken over all assets, deposit obligations and certain other liabilities of the former bank PHB Plc, is under the control of the Nigerian Asset Management Corporation (AMCON) until the sale of his shares by AMCON on March 24, 2017. was below. Sold by Sigma Golf-Riverbank Consortium.
The bank has 157 branches and 10 cash offices across Nigeria. Insurance Subsidiary – KBL Insurance Limited; Sierra Leone Subsidiary – Keystone Bank (Sierra Leone) Limited; Another is Global Bank Liberia Limited in Liberia.
Keystone Bank is a full-service commercial bank now owned by the Sigma Golf River Bank Consortium after being acquired by the Asset Management Corporation of Nigeria (AMCON) in 2017. A banking license was granted to her by the Central Bank of Nigeria (CBN) on 5 August 2011. The Bank has met and exceeded all of CBN’s capital adequacy requirements and has assumed deposit liabilities and certain other liabilities and assets of former bank PHB Plc following CBN’s revocation of the former bank’s operating license was.