Bank PHB explained

Bank PHB
Type:Public company
Foundation:2005
Location:Lagos, Lagos State, Nigeria
Key People:Kola Abiola, Chairman[1]
Cyril Chukwumah, Managing Director and Chief Executive Officer[2]
Industry:Banking
Products:Loans, Credit Cards, Savings, Investments, Mortgages
Revenue: US$220 million (2008)[3]
Assets:US$6 billion+ (2008)
Homepage:Homepage
Successor:Keystone Bank Limited[4]
Defunct:August 5, 2011 [5]
Predecessor:Platinum Bank Plc
Habib Nigeria Bank Plc

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the assets (including subsidiaries) and liabilities of the now defunct BankPHB, whose commercial banking license had been revoked on the same day.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

External links

Notes and References

  1. http://www.thenigerianvoice.com/nvnews/33587/1/four-core-investors-eye-bank-phb.html Kola Abiola Is Chairman of Bank PHB
  2. http://allafrica.com/stories/201001220560.html Cyril Chukwumah is MD/CEO of Bank PHB
  3. http://www.newvision.co.ug/D/8/220/679502/Orient_Bank Bank PHB Profits in 2008
  4. http://www.keystonebankng.com/aboutusde.php?p=59&mode=content About Keystone Bank Limited
  5. http://www.vanguardngr.com/2011/08/government-takes-over-three-rescued-banks/ FG takes over Afribank, Bank PHB, Spring Bank
  6. http://www.newvision.co.ug/D/8/220/679502/Orient_Bank Bank PHB is 5th Largest Bank in Nigeria
  7. http://www.bankphb.com/live/uploads/forms/2008_financials_summary.pdf Bank PHB Financials 2008
  8. Web site: 15 November 2016. Biographical Legacy and Research Foundation: Nigeria.
  9. Web site: CBN revokes the licenses of 3 banks [Afribank, Spring, BankPHB]]. August 5, 2011. August 28, 2014. Village Square. Stanley. Oronsaye. September 3, 2014. https://web.archive.org/web/20140903131035/http://nigeriavillagesquare.com/forum/main-square/64717-cbn-revokes-licenses-3-banks-afribank-spring-bankphb.html. dead.
  10. Web site: About Keystone Bank Limited. August 29, 2014. Keystone Bank.