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31 March 2008
Stanbic IBTC Bank was officially launched in Lagos , Nigeria today, signalling the successful conclusion of the merger of Stanbic Bank ( Nigeria ) Limited and the IBTC Chartered Bank Plc.
Standard Bank had in August 2007 secured 50.1% shareholding of IBTC Chartered in a tender offer, which culminated in the injection of US$640 million of foreign direct investment in the country and the commencement of the re-branding of the merged entity to reflect the majority ownership of the bank.
Stanbic IBTC Bank Chairman and founder of the former IBTC Chartered Bank, Atedo Peterside, said that the launch of the merged entity symbolised a significant step in the evolution of a new era of banking in Nigeria . He believes that Stanbic IBTC Bank is taking the lead in the transformation of the industry.
“Through the newly launched Stanbic IBTC Bank, customers and staff will experience firsthand the benefits of being part of a Pan African bank with a global network and expertise; it really is a new turn for banking in Nigeria . The current corporate and investment banking franchise that we have in Nigeria is already world class. IBTC Chartered is already recognised as a leader in the sector in Nigeria . The merger with Stanbic Bank Nigeria and their status as the best global markets bank in Nigeria , not to mention Africa , ensures a peerless experience for our corporate customers.”
The new entity has a capital base in excess of N60 billion, exceeding the N25 billion capital requirement by the Central Bank of Nigeria (CBN) and making it one of the largest banks in Nigeria with branches across the country.
The bank is also backed by Standard Bank’s over US$125 billion global asset base, which recently received a boost from the Industrial and Commercial Bank of China (ICBC) when it secured a 20% holding in Standard Bank Group.
“We are very excited to finally launch as a single brand to the market, and tangibly demonstrate the benefits of being a strong Nigerian bank with international muscle and expertise, from which our customers and shareholders will benefit significantly,” said Chris Newson, Chief Executive Officer, Stanbic IBTC Bank.
Craig Bond, Chief Executive of Standard Bank Africa, says: “Standard Bank Group is proud to add Nigeria to its repertoire of success stories following the launch of Stanbic IBTC Bank.”
As business operations commence in earnest, with Stanbic IBTC Bank forging ahead with product and service roll-out, the Group will implement continental expansion plans that will see Standard Bank Africa opening an additional 160 branches across the continent by the end of 2008.
“With our branch network expansion, not to mention a raft of new ATMs, and a range of over 300 banking products to choose from, Stanbic IBTC Bank customers will have access to world class banking services,” Bond added.
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