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Stanbic IBTC Bank, Spanish institution sign finance deal

By BusinessNews Staff on May 25, 2015

Stanbic IBTC Bank and a leading business school in Spain, IE Business School, have signed a direct financing agreement to help people acquire relevant skills in entrepreneurship.

A statement by the bank on Wednesday said the parties signed the MoU in Lagos to commence the partnership in which the lender would provide loan facilities for students enrolled in the IE’s top ranked MBA programmes.

IE is ranked the third business school in Europe by the Financial Times. Its Global Executive MBA was recently ranked first by the Economist.

The collaboration, which will be operative for an initial period of one year from May 2015 and renewable for another year, covers financing for the IE’s MBA and the Executive MBA programmes.

According to the statement, Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, will finance a part or the total cost of the programmes, which IE offers qualified candidates who have been accepted to the programme. The financing will come in the form of an unsecured personal loan.

The Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr. Obinnia Abajue, said the partnership was in line with the institution’s goal of ensuing economic empowerment through strategic interventions that would enable individuals and businesses to realise their aspirations.

He noted that it was the pursuit of this objective that informed the creation of the Stanbic IBTC Business Leadership Series, which made its debut last year, to build a new cadre of leaders among people and businesses in Nigeria.

It said similar capacity-building initiatives in the various sectors of the economy, including the MSME, transport and logistics, trade and finance, had also been organised by the Stanbic IBTC Group on an ongoing basis to support individuals and businesses.

He said, “The partnership with the IE opens another window of opportunity to empower people for self-development and actualisation. It is in sync with our operating mantra, which is moving forward.

“At Stanbic IBTC Bank, we are mindful of the fact that socio-economic growth and development are anchored on sound education and robust infrastructural base. This conviction underscores our strategic interventions in critical sectors of the economy, including education.”

On his part, the IE Vice-Chairman, Diego Benjumea, who noted that the institution remained dedicated to building business leaders worldwide, said Stanbic IBTC Bank was chosen for the partnership after a thorough appraisal revealed its uncommon commitment to multi-sectoral capacity building and economic empowerment.

Having become Africa’s biggest economy, with its rebasing throwing up previously under-reported sectors such as telecommunications, entertainment, and retail, the IE´s Country Director, Eniola Harrison, said Nigeria required, in both public and private sectors, a critical mass of skilled manpower to drive its future growth, while sustaining its growing international profile and reputation.

Benjumea, however, said, “A major goal of the IE is to help people acquire the necessary skills and knowledge and drive business excellence around the world. We have the right curriculum, which we regularly update, to ensure that our qualifications reflect the ever-changing needs of business and economy.

“In the Nigerian and African context, we are committed to building the foundation for long-term and sustainable success. We are constantly scanning the horizon to ensure that our graduates are equipped with cutting-edge knowledge of their professions.”

According to the bank, under the scheme, participants who have been admitted by the IE for its Masters programmes would qualify for financing from Stanbic IBTC Bank under its unsecured personal loan scheme.

Beneficiaries who are not existing customers of Stanbic IBTC Bank would be required to open accounts with the bank. The bank would bear up to 100 per cent of the value of the programme based on prevailing interest rate, it added.

Founded in 1973, each year, almost 2,000 students from 90 countries undertake degree programmes at the IE, while about 5,600 persons participate in the school’s annual executive education programmes. With offices in 28 countries, the school has approximately 40,000 alumni in over 100 countries.

[Punch]

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