Stanbic IBTC Plc yesterday notified the Nigerian Stock Exchange (NSE) that it had officially adopted a holding company structure, following final approvals by regulatory authorities. Consequently, the shares of Stanbic Bank will be delisted from the NSE, while the holding company, Stanbic IBTC Holdings Plc will be listed.
Following the notification of the NSE by Stanbic IBTC Bank of this development, the shares of the bank were put on full suspension as part of the process that will lead to the delisting of the bank's shares and listing of the Holdco. The entire process is expected to be completed in about two weeks.
The holding company (HoldCo) structure is in compliance with the revised regulatory framework by the Central Bank of Nigeria (CBN) 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.
Commenting on the new structure, Chief Executive Officer of Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, said it would 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.