Bank PHB

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]

Bank PHB
Public
NSE :PHB
IndustryBanking
PredecessorPlatinum Bank Plc
Habib Nigeria Bank Plc
SuccessorKeystone Bank Limited [1]
Founded2005
DefunctAugust 5, 2011 [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
Revenue US$220 million (2008)[5]
Total assetsUS$6 billion+ (2008)
WebsiteHomepage

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.[8]

Keystone Bank Limited[9] 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the assets (including subsidiaries) and liabilities of the now defunct BankPHB, whose commercial banking license had been revoked on the same day.

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See also

References
  1. About Keystone Bank Limited
  2. FG takes over Afribank, Bank PHB, Spring Bank
  3. Kola Abiola Is Chairman of Bank PHB
  4. Cyril Chukwumah is MD/CEO of Bank PHB
  5. Bank PHB Profits in 2008
  6. Bank PHB is 5th Largest Bank in Nigeria
  7. Bank PHB Financials 2008
  8. Stanley, Oronsaye (August 5, 2011). "CBN revokes the licenses of 3 banks [Afribank, Spring, BankPHB]". Village Square. Retrieved August 28, 2014.
  9. "About Keystone Bank Limited". Keystone Bank. Retrieved August 29, 2014.


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