Keystone Bank speaks amid licence withdrawal rumors

Keystone Bank has debunked claims that the Central Bank of Nigeria (CBN) plans to revoke its operating licence, labeling such reports as “fake news.”

The bank’s Chief Executive Officer, Hassan Imam, addressed the issue during a press briefing on Tuesday, responding to widespread rumors circulating on social media platforms, particularly WhatsApp.

Imam stressed that Keystone Bank remains financially strong, contrary to online speculation suggesting the CBN intended to withdraw the licences of Keystone, Unity, and Polaris Banks. These rumors emerged following the revocation of Heritage Bank’s licence earlier this year. However, in June, the CBN officially refuted any plans to terminate the operations of these three banks.

“We want to clarify once again that we are in a strong financial position and have continued to grow our balance sheet while delivering exceptional value to our stakeholders,” Imam said, reassuring customers and investors. He further revealed that the bank is taking legal action against those responsible for spreading misinformation.

Highlighting Keystone’s achievements, Imam noted that the bank ranks second in the retail banking sector, as confirmed by the KPMG 2023 Banking Industry Customer Experience (BICX) Report. Keystone was also recognized as the ‘Retail Bank of the Year’ at the prestigious Africa Industrial and Development Conference and Awards 2024.

“Our retail banking services have been recognised for excellence. We consistently meet our obligations and adhere to all regulatory requirements,” Imam stated. “We are committed to holding those spreading falsehoods accountable and have already begun legal proceedings against them.”

Imam also emphasized that the recent appointment of a new board of directors by the CBN, consisting of experienced professionals and seasoned bankers, has further bolstered the bank’s governance structure. This development, he noted, is part of Keystone’s ongoing commitment to delivering exceptional value and maintaining financial stability.