Lagos — The Nigerian Stock Exchange (NSE) on Friday admitted 10 billion shares of N0.50 each at N13.03 per share into its daily official list in favour of Stanbic IBTC Holdings Plc, under the other financial institutions sub-sector.
Chief Executive Officer of Stanbic IBTC Holding, Mrs. Sola David-Borha said the firm listed holding company to replace the shares of Stanbic IBTC Bank Plc. The erstwhile bank (Stanbic IBTC Bank Plc) transformed into a holding company (Hold Co).
She said the decision taken by the firm is in line with the Central Bank of Nigeria's directive that banks operating in the country split up their commercial banking business from other financial service businesses.
The CEO addressed the stockbroking community on the trading floor of the NSE and said that the new structure will consolidate the strengths and expertise of different business units 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.
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.