Stanbic IBTC Holdings

Stanbic IBTC Holdings PLC
Public Company
NSE: STANBIC
Industry Financial services
Founded 1989[1]
Headquarters Lagos, Nigeria
Key people
 Sola David-Borha
Chief Executive Officer
Atedo N.A. Peterside
Founder and Chairman
Products Loans, savings, investments, debit and credit cards, mortgages
Revenue NGN 67.41 Billion (2012) [2]
Total assets NGN 85.65 Billion (2012) [3]
Number of employees
 2,077 (2013)[4]
Website Homepage

Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings operations in 20 African countries and 13 countries outside Africa.[5]

Overview

Stanbic IBTC Holdings came to being as the result of a through merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc.

Before the Merger

IBTC Chartered Bank Plc

Investment Banking & Trust Company Plc (IBTC) was formed as an Investment Bank on 2 February 1989 with Atedo N.A. Peterside Chief Executive Officer.[6] In 2005, the Central Bank of Nigeria announced its re-capitalization program for commercial banks. This meant that all commercial banks had to have a NGN 25 billion minimum capital base. This CBN order led to the merger of Investment Banking and Trust Company (IBTC) with Chartered Bank Plc and Regent Bank Plc on 19 December 2005 to form IBTC Chartered Bank Plc with a total asset base NGN 125 billion [7] and listed on the Nigerian Stock Exchange.

Stanbic Bank Nigeria Limited

Stanbic Bank Nigeria Limited was founded in 1991 when Standard Bank Investment Corporation (Stanbic Bank), acquired the African operations of ANZ Grindlays Bank.[8] The name was later changed to Stanbic Bank Nigeria Limited and was a wholly owned subsidiary of Stanbic Africa Holdings Limited (SAHL).

The Merger

On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited. Stanbic Africa Holdings Limited on behalf of Standard Bank tendered an offer to for the acquisition of additional IBTC shares in order to attain majority shares in the merged business. This resulted in SAHL having a majority shareholding 50.75% up from 33.33% as at the merger date.[9] The business name was subsequently changed to Stanbic IBTC Holdings Plc[10] and resumed trading on the NSE.

Member Companies

The companies that comprise Stanbic IBTC Holdings include the following:[11]

Ownership

The stock of Stanbic IBTC Holdings listed on the NSE, where it trades under the symbol: STANBIC Shareholding in the Group's stock is depicted in the table below:[12]

Stanbic IBTC Holdings PLC Stock Ownership
Rank Name of OwnerPercentage Ownership
1 Stanbic Africa Holdings Limited 53.2
2 Others 46.8
Total100.00

Governance

The running of Stanbic IBTC Holding is overseen by a 12 person board of directors (9 non-executive and 3 executive) with Atedo N.A. Peterside as the Chairman.[13]

See also

References

This article is issued from Wikipedia - version of the 9/15/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.