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Change in company structure of Stanbic IBTC Bank PLC
Change in company structure of Stanbic IBTC Bank PLC
The structure of Stanbic IBTC Bank PLC has changed in accordance with the Regulation on the Scope of Banking Activities and Ancillary Matters issued by the Central Bank of Nigeria in September 2010.
What has changed?
Under the new structure a new non-operating holding company, Stanbic IBTC Holdings PLC, has been created with the following banking and non-banking subsidiaries:
We have created two new subsidiaries: Stanbic IBTC Capital LTD for the group’s equity and debt capital raising and financial advisory activities; and Stanbic IBTC Investments LTD for its investment activities.
The impact on our shares
The change means that we will have to delist Stanbic IBTC Bank from the daily official list of The Nigerian Stock Exchange (NSE). To facilitate the delisting, on 08 November 2012 the NSE placed the shares of Stanbic IBTC bank on full suspension.
The issued and fully paid share capital of the new Stanbic IBTC Holdings PLC will be listed on the exchange within two weeks. The shares will then trade under the name Stanbic IBTC Holdings PLC.
The impact on our business
The change only impacts on how we are organised, however it does not change the strategy of the group, the scope of services provided or the ambition to become a leading end-to-end financial solutions provider in the Nigerian market.
Mrs. Sola David-Borha, Chief Executive Officer of Stanbic IBTC Holdings has stated that the new structure will consolidate the strengths and expertise of different business unit and enhance the group’s ability to drive future growth. This will guarantee significant benefits to shareholders, employees and customers.
“With the completion of a holding company structure, Stanbic IBTC proceeds to a new stage of growth. The ultimate goal is to become Nigeria’s leading end-to-end financial solutions provider by leveraging the global network of Standard Bank Group, Africa’s biggest banking group in terms of total assets and earnings, to which Stanbic IBTC belongs," she said.
Press release