Keystone Bank has formally denied widespread rumors about the probable termination of its banking license. Hassan Imam, the bank’s CEO, addressed the issue on Tuesday, highlighting the importance of clarity given the rapid circulation of incorrect information on social media platforms, particularly WhatsApp.
In June 2024, the Central Bank of Nigeria (CBN) said it had no plans to revoke the licences of three significant banks: Unity Bank, Polaris Bank, and Keystone Bank.
Online sources incorrectly claimed that Apex Bank planned to terminate its licenses following the termination of Heritage Bank’s license. These reports have since been dismissed as unfounded.
Hassan Imam, in his statement, reassured stakeholders that Keystone Bank’s retail banking services remain robust and competitive. understands that the bank has consistently ranked second in the industry and was recently named ‘Retail Bank of the Year’ by KPMG in its 2023 report. “We wish to set the records straight that we are strong and have continued to grow our balance sheet while delivering exceptional value to our stakeholders,” Imam said.
He further noted that the bank is taking legal action against those disseminating fake news. “We are actively pursuing legal action against those responsible for spreading fake news and are committed to holding them accountable,” Imam stated. Keystone Bank has maintained its financial strength, fulfilling its obligations and complying with all regulatory requirements.
In addition, Imam highlighted the bank’s recent accolades and governance improvements. “Our retail banking services have also been recognised for excellence, ranking second in the industry according to the KPMG BICX 2023 Report, and the bank emerged as the ‘Retail Bank of the Year’ at the Africa Industrial and Development Conference and Awards 2024,” Imam said.
The recent appointment of a new board of directors, comprising experienced professionals from various sectors, has further bolstered the bank’s governance structure, adding more credibility to its operations.