Don't Miss


Home   >   Market - Finance   >   Stanbic IBTC to delist from Nigerian Stock Exchange

Stanbic IBTC to delist from Nigerian Stock Exchange

By on July 11, 2012

In order to conform to regulatory requirements made by the CBN, Stanbic IBTC will delist from the Nigerian Stock Exchange on September 17th and be replaced by Stanbic IBTC Holding Plc.

The company will transfer all its subsidiaries into the newly formed holding company. Some of the subsidiaries to be transferred include Stanbic IBTC Stockbrokers Limited, Stanbic Nominees Nigeria Ltd, Stanbic IBTC Pension Managers Ltd, Stanbic IBTC Investments Ltd, Stanbic IBTC Capital Ltd, Stanbic IBTC Trustees Ltd, and Stanbic IBTC Asset Management Limited.

The bank will also be a subsidiary of the holding company.

CEO of Stanbic IBTC said, “A major reason for adopting the new structure is to consolidate our goal of building Nigeria’s leading end-to-end financial services organization”.

The new holding company will come into effect next month and will have to apply for a new banking license.

The deal is subject to shareholder approval.

According to Reuters, under the new arrangement, existing shareholders’ will retain 39.77 percent of the holding company, while Standard Bank will own 52.76 percent. The newly-created entity will then own 99.9 percent of the subsidiaries.