Bank PHB Group

Bank PHB Group
Company typePublic
NGX: PHB
IndustryBanking
PredecessorPlatinum Bank Plc
Habib Nigeria Bank Plc
Founded2005
DefunctAugust 5, 2011[1]
FateInsolvency
SuccessorKeystone Bank Limited[2]
HeadquartersVictoria Island, Lagos, Nigeria
Key people
Abdul Lateef Kolawole Abiola
Chairman
Cyril Chukwumah
Group CEO
ProductsBanks, Mortgages Investments
Total assetsUS$3.6 billion+ (2009)
Websitewww.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:[4]

Failure and closure

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

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the assets (including subsidiaries) and liabilities of the now defunct BankPHB, whose commercial banking license had been revoked on the same day.

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

References

  1. ^ FG takes over Afribank, Bank PHB, Spring Bank
  2. ^ About us - Keystone Bank
  3. ^ "Abridged Group Financial Report December 2009" (PDF). Archived from the original (PDF) on 2010-11-25. Retrieved 2011-01-07.
  4. ^ "Subsidiaries of Bank PHB". Archived from the original on 2009-02-17. Retrieved 2009-04-29.
  5. ^ 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.
  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.