Stanbic IBTC to adopt holding company structure

STANBIC IBTC Bank, a member of Standard Bank Group, has announced that it would hold a court ordered meeting of its shareholders with the aim of adopting a holding company (HoldCo) structure. The name of the proposed HoldCo has been registered as Stanbic IBTC Holdings Plc.This new structure will be proposed to shareholders 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 holding structure. The new structure comes into effect in September 2012.The operating subsidiaries of the new holding company will be Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited and Stanbic IBTC Investments Limited.'A major reason for adopting the new structure is to consolidate our goal of building Nigeria's leading end-to-end financial services organisation, leveraging on our competitive advantages in the various business segments, including banking, pensions, stock-broking, custody and asset management,' the Chief Executive Officer, Mrs. Sola David-Borha, stated.David-Borha emphasised that the new structure would impact positively on shareholders and customers, as the group would leverage the capacities resident in each business to further improve the entire group's ability to maintain sustainable growth and further supported by the financial resources and global network of the Standard Bank Group, to which Stanbic IBTC belonged.Stanbic IBTC, David-Borha reiterated, would continue to partner the country in unlocking the nation's growth potential.
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