Bank PHB

Bank PHB
Company typePublic company
NGX: PHB
IndustryBanking
PredecessorPlatinum Bank Plc
Habib Nigeria Bank Plc
Founded2005
DefunctAugust 5, 2011 [1]
SuccessorKeystone Bank Limited[2]
HeadquartersLagos, Lagos State, Nigeria
Key people
Kola Abiola, Chairman[3]
Cyril Chukwumah, Managing Director and Chief Executive Officer[4]
ProductsLoans, Credit Cards, Savings, Investments, Mortgages
RevenueIncrease US$220 million (2008)[5]
Total assetsUS$6 billion+ (2008)
WebsiteHomepage

Bank PHB, formerly known as Platinum Habib Bank, was a commercial bank in Nigeria. The bank was the fifth largest financial services provider in Nigeria. [6] The bank's assets were valued in excess of US$6 billion.[7]

Key Officers

Francis Atuche- CEO /MD of Bank PHB[8]

Bank PHB Group

Bank PHB was a member of the Bank PHB Group, headquartered in Lagos, Nigeria, with subsidiaries in the Gambia, Liberia, Nigeria, Sierra Leone and Uganda.

History

Bank PHB was formed in 2005 by the merger between Platinum Bank Plc and Habib Nigeria Bank Plc. Since its inception, the bank pursued a strategy of expansion by the acquisition and creation of subsidiaries within and without its home country of Nigeria. (See Bank PHB Group).

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.[9]

Keystone Bank Limited[10] was created on 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the assets (including subsidiaries) and liabilities of the now defunct BankPHB, whose commercial banking license had been revoked on the same day.

See also

References

  1. ^ FG takes over Afribank, Bank PHB, Spring Bank
  2. ^ About Keystone Bank Limited
  3. ^ Kola Abiola Is Chairman of Bank PHB
  4. ^ Cyril Chukwumah is MD/CEO of Bank PHB
  5. ^ Bank PHB Profits in 2008[permanent dead link‍]
  6. ^ Bank PHB is 5th Largest Bank in Nigeria[permanent dead link‍]
  7. ^ Bank PHB Financials 2008[permanent dead link‍]
  8. ^ "Biographical Legacy and Research Foundation: Nigeria". 15 November 2016.
  9. ^ Stanley, Oronsaye (August 5, 2011). "CBN revokes the licenses of 3 banks [Afribank, Spring, BankPHB]". Village Square. Archived from the original on September 3, 2014. Retrieved August 28, 2014.
  10. ^ "About Keystone Bank Limited". Keystone Bank. Retrieved August 29, 2014.


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