Stanbic IBTC Bank

About Stanbic IBTC Bank

Stanbic Bank Nigeria Ltd was established in  the year 1991 when the then Standard Bank Investment Corporation took over the African operations of ANZ Grindleys Bank. Later, the brand was changed to Stanbic Bank Nigeria Limited and it became a wholly owned subsidiary of the bank called Stanbic Africa Holdings Limited (SAHL).

Stanbic IBTC Holdings, generally referred to as Stanbic IBTC, is a Nigerian financial services holding company with subsidiaries in banking, equity brokerage, investment management, wealth management, investor services, pension administration, trustee and life insurance businesses. The company’s main office, I.B.T.C. located at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of Standard Bank Group, a leading monetary services company established in South Africa. Standard Bank is Africa’s largest banking company by assets and revenues, with offices in his 20 African countries and 13 non-African countries.

On September 24, 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited. Stanbic Africa Holdings Limited (SAHL) has made an offer to acquire additional of his IBTC shares on behalf of Standard Bank to obtain control of the combined company. This leaves SAHL to retain his 50.75% controlling interest compared to 33.33% at the time of the merger. The company has since changed its name to Stanbic IBTC Holdings Plc[4] and resumed trading on the NSE.

The company was established as a result of the merger of Stanbic Bank Nigeria Limited and his IBTC Chartered Bank Plc. In 2007, and in 2012, the introduction of a holding company structure to comply with the revised regulatory framework recommended by the Central Bank of Nigeria. This will force banks to sell non-core financial services or adopt holding company structures.

That’s it for now about this leading bank

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