Stanbic IBTC Holdings

Stanbic IBTC Holdings PLC
Company typePublic Company
NSE: STANBIC
IndustryFinancial services
Founded1989[1]
HeadquartersStanbic IBTC Towers, Walter Carrington Crescent, Victoria Island, Lagos State, Nigeria
Key people
Adekunle Adedeji
Chief Executive Officer
ProductsLoans, savings, investments, debit and credit cards, mortgages, insurance, asset managements, business advisory, pensions, stockbroking, financial technology and financial advisory services.
RevenueNGN 355.16 Billion (2023)[2]
Total assetsNGN 5.15 Trillion (As at 31 December, 2023)[2]
Number of employees
Over 4,200 (2020)[3]
Parentwww.standardbank.com
RatingAAA(nga) National Long Term Rating by Fitch[4]
Websitewww.stanbicibtc.com

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, Asset Management, Investor Services, Pension Management, Trustees, Insurance Brokerage and life Insurance businesses. The company's newly opened corporate headquarters, Stanbic IBTC Towers, is situated at Walter Carrington Crescent, Victoria Island, Lagos. 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 PLC. came alive as the result of a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc. in 2007, then adopting a holding company structure in 2012 to comply with the revised regulatory framework advised by the Central Bank of Nigeria, requiring banks to either divest from non-core banking financial services or adopt a holdings’ company structure.[citation needed]

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 as 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).

Merger

On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited. Stanbic Africa Holdings Limited (SAHL) on behalf of Standard Bank tendered an offer 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[6] and resumed trading on the NSE.

Member companies

The companies comprised in Stanbic IBTC Holdings are as follows:[10]

  • Stanbic IBTC Bank – A commercial bank in Nigeria, serving individuals and businesses, and regulated by the Central Bank of Nigeria.[11][1]
  • Stanbic IBTC Pension Managers Limited – A leading Pension Fund Administrator (PFA) in Nigeria.[2]
  • Stanbic IBTC Asset Management Limited – Providing asset management services. It was incorporated in 1992.[3]
  • Stanbic IBTC Stockbrokers Limited – Providing Stock brokerage service.[4]
  • Stanbic IBTC Trustees Limited – Specializes in trusteeship and estate management.[5]
  • Stanbic IBTC Capital Limited – Offers Investment banking services.[6]
  • Stanbic IBTC Insurance Brokers – Operates as the insurance brokerage arm of the group, they deal more with General Insurance which are non-life Insurance.[7]
  • Stanbic IBTC Insurance Limited – Provides Life Insurance services. [8]
  • Stanbic IBTC Nominees – Acts as custodian in money market and fixed income securities for the Nigerian market.[9]
  • Zest Payment - Zest is the fintech subsidiary of Stanbic IBTC Holdings PLC.[10]

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:[10]

Stanbic IBTC Holdings PLC Stock Ownership
Rank Name of Owner Percentage Ownership
1 Stanbic Africa Holdings Limited 63.7
2 Others 36.3
Total 100.00

Governance

The running of Stanbic IBTC Holdings is overseen by a seven-person board of directors (five non-executive and two executive). [11] The chairman of the Board of Stanbic IBTC Holdings is Sola David-Borha.

Awards

It was named the Asset Management Company of the Year in Nigeria 2024 by Global Banking and Finance.[12]

See also

References

  1. ^ "When was Stanbic IBTC Bank formed?". investoreports.com. Archived from the original on 5 March 2016. Retrieved 28 January 2019.
  2. ^ a b "Reports and Presentations". stanbicibtc.com.
  3. ^ "Investor". reporting.stanbicibtc.com. Retrieved 28 January 2019.
  4. ^ "Stanbic IBTC Holdings PLC". Fitch Ratings. Retrieved 6 May 2024.
  5. ^ "Stanbic IBTC Holdings PLC overview". stanbicibtc.com. Archived from the original on 14 July 2014. Retrieved 28 January 2019.
  6. ^ a b "Stanbic IBTC Holdings Organizational information". investoreports.com. Archived from the original on 5 March 2016. Retrieved 28 January 2019.
  7. ^ "Three banks form IBTC Chartered Group". Retrieved 29 August 2017.
  8. ^ "Standard Bank Group Highlights". standardbank.com. Retrieved 28 January 2019.
  9. ^ "Update on Proposed merger of IBTC Chartered Bank Plc and Stanbic (Nigeria) Limited". Village Square Forums. Retrieved 29 August 2017.
  10. ^ a b "Stanbic IBTC Holdings Overview". stanbicibtc.com. Archived from the original on 14 July 2014. Retrieved 28 January 2019.
  11. ^ "Personal bank accounts and online loans in Nigeria". www.stanbicibtcbank.com. Retrieved 27 November 2021.
  12. ^ "Award-Winning Companies in Banking and Asset Management". www.globalbankingandfinance.com/. Retrieved 14 October 2024.