Stanbic IBTC has officially adopted a holding company (HoldCo) structure, following final approvals by regulatory authorities. The HoldCo structure is in compliance with the revised regulatory framework by the Central Bank of Nigeria which requires banks to divest from non-core banking businesses or adopt a HoldCo structure.
Under the new structure, the operating subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited), Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Ventures Limited,? Stanbic IBTC Capital Limited and Stanbic IBTC Investments Limited. Stanbic IBTC Capital Limited and Stanbic IBTC Investments Limited are newly incorporated companies.
Subsequently, the shares of Stanbic IBTC Bank are on full suspension and the process of delisting the bank from the trading list of The Nigerian Stock Exchange and listing Stanbic IBTC Holdings Plc has commenced. The entire process should be completed in about two weeks.
In line with the provisions of the scheme document approved by shareholders the excess capital from the bank’s share cancellation will be returned to shareholders as cash.? The bank intends to pay shareholders for the cancelled shares within 21 working days from 08 November 2012.
Confirming the development, Mrs. Sola David-Borha, Chief Executive Officer of Stanbic IBTC Holdings 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 IBTCproceeds to a new stage of growth.? The ultimate goal is to become Nigeria’s leading end-to-end financial solutions provider byleveraging 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.