Keystone Bank Limited, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

in Nigeria. The bank is one of the commercial banks licensed by the

Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are t ...

, the national banking regulator.

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 Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of G ...

. , 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).

History

On Friday 5 August 2011, Keystone Bank Limited was issued a commercial banking license by the

(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. 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.

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: *

Global Bank Liberia Global Bank Liberia Limited (GBLL), commonly referred to as Global Bank Liberia, is a commercial bank in Liberia. It is one of the commercial banks licensed by the Central Bank of Liberia, the national banking regulator. Overview Global Bank Lib ...

–

Monrovia Monrovia () is the capital city of the West African country of Liberia. Founded in 1822, it is located on Cape Mesurado on the Atlantic coast and as of the 2008 census had 1,010,970 residents, home to 29% of Liberia’s total population. As th ...

, Liberia * Keystone Insurance –

Lagos Lagos ( Nigerian English: ; ) is the largest city in Nigeria and the second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national capital of Nigeria until December 1991 f ...

, Nigeria

Branch network

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

. 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. The Chairman of the

Board Board or Boards may refer to: Flat surface * Lumber, or other rigid material, milled or sawn flat ** Plank (wood) ** Cutting board ** Sounding board, of a musical instrument * Cardboard (paper product) * Paperboard * Fiberboard ** Hardboa ...

of Keystone Bank Limited is Alhaji Umaru H. Modibbo. The

managing director A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especiall ...

and

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

of the bank is Olaniran Olayinka 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.

References

Other sources

* {{Cite news, url=http://www.premiumtimesng.com/news/headlines/226699-amcon-names-new-buyers-keystone-bank.html, title=AMCON names new buyers of Keystone Bank – Premium Times Nigeria, date=2017-03-21, work=Premium Times Nigeria, access-date=2017-04-06, language=en-GB

External links

Homepage of Keystone Bank Limited Website of Central Bank of NigeriaFederal Government Appoints Leaders of Nationalised Banks
* ttp://www.thisdaylive.com/articles/ikeazor-appointed-keystone-bank-md-ceo/137998/ Ikeazor appointed Keystone Bank MD/CEObr>Ikeazor resumes as Keystone Bank CEOKeystone Bank constitutes Transition BoardKeystone Bank Appoints Olaniran Olayinka
Banks of Nigeria Banks established in 2011 Companies based in Lagos Nigerian companies established in 2011