By Udeme Ekwere

The management of Stanbic IBTC has said that it will retain the bank’s subsidiaries under the new banking regime.

This, according to a statement from the bank on Friday, will depend on the approval of the Central Bank of Nigeria.

The statement quoted the bank’s Chief Executive Officer, Mr. Chris Newson, as saying, “The proposed arrangement is such that shareholders of Stanbic IBTC Bank should continue to retain ownership of the various businesses comprising the present Stanbic IBTC Bank Group.

“Also, pending the approval of the CBN, the bank will adopt a Holding Company structure, Details of the HoldCo structure will emerge upon final approval of the CBN.”

It added that the group currently had several subsidiaries offering services in various segments of the financial services sector, including pensions, stockbroking, custody and asset management, among others.

According to the statement, the bank’s commitment to the development of the Nigerian economy remains unwavering.

It said the bank’s operations were anchored on the long-term goal of helping to catalyse economic growth and development, and benefitting from it as well.

It added that Stanbic IBTC, a full service universal bank, had a clear focus on three main business pillars – corporate and investment banking, personal and business banking and wealth management.

It added that its activities leveraged upon its industry expertise and international presence in 17 African countries, including Nigeria, and 21 countries outside Africa, spread across Europe, Asia, Middle East, United States and Latin America to provide the best-of-class financial solutions to its clients.

The statement said since investors liked the bank’s structure, Stanbic IBTC would carry out its operations under investment banking, personal banking and wealth units, “which comprise asset and pension management.”

The Chairman, Stanbic IBTC, Mr. Atedo Peterside, noted that the bank was formed in 2007 from a merger of the erstwhile IBTC Chartered Bank and Stanbic Bank respectively, with a promise to redefine banking.

 

Source: Punch