Monday, 8 August 2011

CBN Closes BANK PHB, Afribank and Spring Bank (Revokes Licenses)

Its Game over for Bank PHB, Afribank and Spring Bank.
AHEAD of the September 30 deadline given rescued banks to recapitalise, the Central Bank of Nigeria (CBN) yesterday announced the revocation of the licences of Afribank, Spring Bank and Bank PHB, which were yet to sign Transaction Implementation Agreements (TIAs) with investors aimed at injecting funds to capitalise them, thereby failing to show enough commitment to the process since the new teams were named in August 2009.

The Central Bank of Nigeria (CBN) has revoked the operating licences of Afribank, Spring Bank, and BankPHB, as they have not shown capacity and ability to recapitalise before the September 30 deadline.
However, Bank PHB Plc  will become Keystone Bank Limited. Keystone Bank will continue the operations of the Bank PHB.