Keystone Bank gets new acting CEO

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As part of its reorganization process, Keystone Bank Limited (former Bank PHB), has announced the appointment of Mr Olaniran Olayinka as its new Acting Managing Director/CEO, subject to approval by the Central Bank of Nigeria (CBN).

This was disclosed in a statement that was signed by the bank’s Company Secretary and General Counsel, Dr Michael Agama on Friday, March 20.

The acting Managing Director is to lead the bank’s Executive Management to drive its strategic business and corporate goals, taking advantage of the banking experience garnered over several years across various sectors of the economy.

The bank pointed out that this new appointment is in line with its strategic vision to constantly align its corporate structures and processes to support its sustained push for growth.

[READ MORE: Union Bank announces resignation of 2 executive directors, appoints new ones)

In his own comment about the appointment, the Chairman of Keystone Bank, Alhaji Umaru H. Modibbo disclosed that the appointment is based on the bank’s corporate philosophy and culture of optimizing her human capital through sustained leadership development.

He stated further that the bank would continue to proactively nurture and harness its existing talents to assume leadership roles in the financial institution.

Mr. Olayinka, who is currently an Executive Director, holds a First-Class Bachelor’s Degree and a Master’s Degree in Economics from the prestigious University of Lagos.

He has attended several executive courses and programmes in Banking Operations, Credit, Risk Management, Business Process Re-engineering, and Change Management, amongst others.

He had a four-year stint with PricewaterhouseCoopers and over 25 years of banking experience covering Operations, Human Resources Management, Corporate Banking, Commercial Banking, Retail Banking and Institutional Banking.

It could be recalled that in August 2011, the Central Bank of Nigeria revoked the operating license of Bank PHB, after running into financial crises and its inability to recapitalize. This led to the formation of Keystone Bank which took over all the assets and liabilities of the financial institution.

In March 2017, the Asset Management Company of Nigeria (AMCON), sold the bank to a consortium, Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited.