IBTC to hold court ordered meeting on holding coy structure – Statement

Stanbic IBTC Bank will hold a court ordered meeting of its shareholders to adopt a holding company structure, the bank said in a statement in Lagos. The statement stated that the proposed holding company had been registered as Stanbic IBTC Holdings Plc.
“The new structure will be proposed to shareholders in compliance with the revised regulatory framework by the Central Bank of Nigeria (CBN). This requires banks to divest from non-core banking businesses or adopt a holding structure. The new structure comes into effect in September, 2012,” the statement said. It said that the operating subsidiaries of the holding company would be Stanbic IBTC Bank, including Stanbic Nominees Nigeria Ltd., Stanbic IBTC Asset Management Ltd. and Stanbic IBTC Pension Managers Ltd.
The statement said that others were Stanbic IBTC Stockbrokers Ltd., Stanbic IBTC Trustees Ltd., Stanbic IBTC Capital Ltd., and Stanbic IBTC Investments Ltd. It quoted Mrs Sola David-Borha, Chief Executive Officer of the bank, as saying that the adoption of the new structure was to consolidate the goal of building Nigeria’s leading end-to-end financial services organisation. She said that the structure would also leverage on the bank’s competitive advantages in various business segments, including banking, pensions, stock-broking and custody and asset management. David-Borha said that the new structure would impact positively on the shareholders and customers, adding that the group would leverage the capacities resident in each business.
“It also further improves 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 belongs. The bank will continue to partner Nigeria in unlocking the country’s growth potential to accelerate the country’s socioeconomic development, notwithstanding the fast changing and challenging operating environment,’’ she said.