Stanbic IBTC Holdings

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.[3]

Stanbic IBTC Holdings PLC
TypePublic Company
NSE: STANBIC
IndustryFinancial services
Founded1989[1]
HeadquartersI.B.T.C. Place, Walter Carrington Crescent, Victoria Island, Lagos State, Nigeria
Key people
Demola Sogunle
Chief Executive Officer
Basil Omiyi
Chairman
ProductsLoans, savings, investments, debit and credit cards, mortgages, pensions, stockbroking and financial advisory services.
RevenueNGN 152.3 Billion (9M: 2017) [2]
Total assetsNGN 1.42 Triillion (9M: 2017) [2]
Number of employees
4,200 (2020)[2]
WebsiteHomepage

Overview

Stanbic IBTC Holdings PLC. came to being 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.

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.[4] 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 [5] 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.[6] 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 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.[7] The business name was subsequently changed to Stanbic IBTC Holdings Plc[4] and resumed trading on the NSE.

Member Companies

The companies that comprise Stanbic IBTC Holdings include the following:[8]

  • Stanbic IBTC Bank – A commercial bank in Nigeria, serving individuals and businesses, and regulated by the Central Bank of Nigeria
  • Stanbic IBTC Pension Managers Limited – A leading Pension Fund Administrator (PFA) in Nigeria.
  • Stanbic IBTC Asset Management Limited – Providing asset management services. It was incorporated in 1992.
  • Stanbic IBTC Stockbrokers Limited – Providing Stock brokerage service.
  • Stanbic IBTC Trustees Limited – Specializes in trusteeship and estate management.
  • Stanbic IBTC Ventures Limited – Manages venture capital funds for investing in any and all types of companies that require venture capital financing either by the way of debt and/or equity or any other means.
  • Stanbic IBTC Capital Limited – Offers Investment banking services.
  • Stanbic IBTC Investments Limited – Operates as the investment arm of the business
  • Stanbic IBTC Insurance Brokers – Operates as the insurance brokerage arm of the group.

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:[8]

Stanbic IBTC Holdings PLC Stock Ownership
RankName of OwnerPercentage Ownership
1Stanbic Africa Holdings Limited63.7
2Others36.3
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 Mr. Basil Omiyi as the chairman.[9]

See also

References
  1. "When was Stanbic IBTC Bank formed?". investoreports.com. Retrieved 28 January 2019.
  2. "Investor". reporting.stanbicibtc.com. Retrieved 28 January 2019.
  3. "Stanbic IBTC Holdings PLC overview". stanbicibtc.com. Retrieved 28 January 2019.
  4. "Stanbic IBTC Holdings Organizational information". investoreports.com. Retrieved 28 January 2019.
  5. "Three banks form IBTC Chartered Group". Three banks form IBTC Chartered Group. Retrieved 29 August 2017.
  6. "Standard Bank Group Highlights". standardbank.com. Retrieved 28 January 2019.
  7. "Update on Proposed merger of IBTC Chartered Bank Plc and Stanbic (Nigeria) Limited:". Village Square Forums. Retrieved 29 August 2017.
  8. "Stanbic IBTC Holdings Overview". stanbicibtc.com. Retrieved 28 January 2019.
  9. "Integrated Annual report 2012". stanbicibtc.investoreports.com. Retrieved 29 August 2017.
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