The Bank had its licence
seized in 2011 by the Central Bank of Nigeria for failing to meet a
new capital requirement.
The Nigerian-owned Platinum Habib
Bank (PHB) in The Gambia on Monday changed its name to Keystone
Bank (Gambia) Limited.
The Bank’s Managing Director
Darlington Lawson said change of name came at the back of meeting the
regulatory requirements of the Central Bank of Nigeria (CBN) and approval from
the Central Bank of The Gambia.
Bank PHB
was taken over by Keystone Bank Nigeria Limited on August 6, 2011 after
its operation licence was revoked by the Central Bank of Nigeria, CBN,
for failing to meet a new capital requirement.
The PHB
Nigeria Limited and two other banks (Afribank and Spring Bank) had their licenses
seized, nationalized and taken over by the CBN at one go, after it
ruled that they were unable to raise the new capital requirement.
“Bank
PHB (Gambia) Limited is a locally incorporated entity and as such the change of
ownership would have no bearing on its operations,” the CBG said in an August 8
statement.
Last Friday, the management
announced the Bank will be officially known as Keystone Bank (Gambia) Limited as of September
30, 2013.
Mr Lawson, who is also the Chief Executive Officer of the bank in
Banjul, said Keystone Bank is a full service commercial bank with its head
office in Lagos and over 200 branches in Nigeria and Africa.
The brand activation places the bank in a stronger position and is
a unique platform to demonstrate its continuing commitment to providing
innovative banking solutions to its
esteemed customers, he said.
 |
| Last Friday, the management announced the Bank will be officially known as Keystone Bank (Gambia) Limited as of September 30, 2013 |
The North Bank Evening Standard, TNBES, understands Bank PHB branded transaction
documents, including cheque books, deposit slips, promissory notes and
documents evidencing obligations on the part of the bank shall be allowed a
transition period to be phased-out and exhausted.
Following
the revocation of the Bank’s licence, the Nigerian government through the
Nigeria Deposit Insurance Corporation (NDIC), announced it had taken over the
three banks by incorporating what it called “Bridge Banks” to temporarily take
control of the banks.
The
government created three bridge banks: Mainstreet Bank, Keystone Bank, and
Enterprise Bank, to take over the assets and liabilities of the banks in the
interim.
A
bridge bank is a temporary bank established and operated by financial
regulators to acquire the assets and liabilities of a “failed bank” to
facilitate its resolution.
 |
| Keystone Bank MD Darlington Lawson (Photo/Keystone) |
Bank
PHB, Afribank, Spring Bank and six other banks in Nigeria had $4billion
injected into them by the CBN in 2009, however, the three banks failed to meet
the CNB’s capital requirement, a time limit for which was September 30,
2011.
Despite
the deadline being a month away, at that time, the Nigerian authorities believe
it was “very obvious” the affected banks were having difficulties pulling
through the re-capitilaistion process, saying the move is in line with Federal
government's commitment not to allow any bank to “go under”.
The
three banks were among the 10 that failed the CBN’s “stress test” conducted in
June 2009, a manifestation that they would have struggled to withstand another
financial crisis.
Bank
PHB was formed in 2005 by the merger between Platinum Bank Plc and Habib Nigeria Bank Plc.
Since its inception, the bank has pursued a strategy of expansion by the
acquisition and creation of subsidiaries in and outside its home country of
Nigeria.
The
subsidiary of the Nigerian-owned bank (Bank PHB Gambia Limited), one of 12
commercial banks, opened for operation in the tiny West African country in
2007.
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