Bank PHB Group

Bank PHB Group
Public
Traded as NSE :PHB
Industry Banking
Fate Insolvency
Predecessor Platinum Bank Plc
Habib Nigeria Bank Plc
Successor Keystone Bank Limited [1]
Founded 2005
Defunct August 5, 2011 [2]
Headquarters Victoria Island, Lagos, Nigeria
Key people
 Abdul Lateef Kolawole Abiola
Chairman
Cyril Chukwumah
Group CEO
Products Banks, Mortgages Investments
Total assets US$3.6 billion+ (2009)
Website www.bankphb.com

Bank PHB Group, also known as Platinum Habib Bank Group, was a financial services organization in West Africa and East Africa. The Group's headquarters was located on Victoria Island in Lagos, Nigeria, with subsidiaries in Nigeria, the Gambia, Liberia, Sierra Leone and Uganda. Bank PHB Group was one of the largest financial services organizations in Africa, with an estimated asset base in excess of US$3.6 billion, as of December 2009.[3]

Member Companies

The member companies of Bank PHB Group included but were not limited to the following: [4]

Failure and Closure

On August 5, 2011, the Central Bank of Nigeria revoked the operating licence of BankPHB along with that of Afribank and Spring Bank as they had not shown capacity and ability to recapitalize before the September 30, 2011 recapitalization deadline.[5]

Keystone Bank Limited[6] was formed in August 5, 2011 by taking over all the assets (including subsidiaries) and liabilities of the now defunct BankPHB, whose commercial banking license had been revoked on the same day.

Following the revocation of the banking licence and takeover of BankPHB, the NSE placed the Group's shares on technical suspension and finally delisted on September 5, 2011.[7]

See also

References

  1. ↑ About us - Keystone Bank
  2. ↑ FG takes over Afribank, Bank PHB, Spring Bank
  3. ↑ Abridged Group Financial Report December 2009
  4. ↑ Subsidiaries of Bank PHB
  5. ↑ Stanley, Oronsaye (August 5, 2011). "CBN revokes the licenses of 3 banks [Afribank, Spring, BankPHB]". Village Square. Retrieved August 28, 2014.
  6. ↑ "About Keystone Bank Limited". Keystone Bank. Retrieved August 29, 2014.
  7. ↑ "Afribank, Bank PHB, Spring Bank Delisted From Nigeria Bourse". Bloomberg. Bloomberg LLP. September 5, 2011. Retrieved August 29, 2014.
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