Keystone Bank Limited

Keystone Bank Limited, 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]

Keystone Bank Limited
TypePrivate
IndustryBanking
Founded2011
HeadquartersVictoria Island, Lagos, Nigeria
Key people
Umaru H. Modibbo
Chairman
Olaniran Olayinka
Managing director and Chief executive officer[1]
ProductsLoans, credit cards, savings, investments, online banking
Total assetsUS$1.916 billion (NGN:307.5 billion)[2]
Websitewww.keystonebankng.com

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 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

The bank was previously owned by the Asset Management Corporation of Nigeria (AMCON), an arm of the Federal Government of Nigeria. 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.

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.[8]

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 substantive Board of Directors.[9] 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[10] who was appointed in March 2020 shortly after the exit of the acting MD/CEO, Mr. Abubakar Danlami Sule. The current executive directors of the bank include; Messrs Tijjani Aliyu, Adeyemi Odusaya and Lawal Jibrin Ahmed.[11]

See also

References
  1. "Keystone Bank |Board of Directors". Retrieved 22 April 2023.
  2. "December 2012 Financial Statement" (PDF). Keystonebankng.com. Retrieved 15 October 2017.
  3. "Central Bank of Nigeria | Commercial Banks". Cenbank.org. Retrieved 29 August 2017.
  4. "Audited December 2012 Financial Statement" (PDF). Keystonebankng.com. Retrieved 15 October 2017.
  5. Chima, Obinna (6 August 2011). "Nigeria: Afribank, Spring Bank, Bank PHB Nationalised". This Day (Lagos). Retrieved 29 August 2017.
  6. "Finally, AMCON Sells Keystone Bank for N25bn to New Investors". This Day. 21 March 2017. Retrieved 6 April 2017.
  7. James, Ikpeme. "Keystone Bank | Convenience & Reliability : Information Centre »". Keystonebankng.com. Retrieved 29 August 2017.
  8. James, Ikpeme. "Keystone Bank | Convenience & Reliability : Inside Keystone Bank »". Keystonebankng.com. Retrieved 29 August 2017.
  9. "Keystone Bank Constitutes Transition Board". This Day. 28 March 2017. Retrieved 6 April 2017.
  10. "Keystone bank Appoints Olaniran Olayinka as Acting MD-CEO". African Review. 17 April 2020. Retrieved 17 April 2020.
  11. Olaoluwa, Joseph (7 August 2019). "Keystone Bank gets new directors". nairametrics.com. Retrieved 22 April 2023.

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