Motto Moving Forward Number of employees 2,077 | Founded 1989 | |
Type Public CompanyNSE: STANBIC Key people Sola David-BorhaChief Executive OfficerAtedo N.A. PetersideFounder and Chairman Products Loans, savings, investments, debit and credit cards, mortgages Revenue NGN 67.41 Billion (2012) Total assets NGN 85.65 Billion (2012) CEO Sola David-Borha (Nov 2012–) Parent organization Stanbic Africa Holdings Limited Subsidiaries IBTC Ventures Ltd., Stanbic Ibtc Trustees Limited Profiles | ||
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.
Contents
Overview
Stanbic IBTC Holdings came to being as the result of a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc.
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. 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 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. 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. The business name was subsequently changed to Stanbic IBTC Holdings Plc and resumed trading on the NSE.
Member Companies
The companies that comprise Stanbic IBTC Holdings include the following:
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:
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.