Banking Subsidiary of Stanbic IBTC Holdings Becomes Private Company

Kayode Tokede

After securing shareholders and regulatory approvals, Stanbic IBTC Holdings Plc, yesterday said its Banking subsidiary, Stanbic IBTC Bank has ceased to be a public company.

The Group’s Company Secretary, Mr. Chidi Okezie in a statement on the Nigeria Exchange Limited (NGX) stated that the development follows the re-registration of the banking subsidiary as a Private Limited Liability Company (PLLC).

According to him, “Stanbic IBTC Holdings Plc hereby notifies the NGX and the Investing Public that following the receipt of all required regulatory and shareholders’ approvals, the re-registration of our Banking subsidiary – Stanbic IBTC Bank (the Bank) from a public company limited by shares to a private company limited by shares has been concluded.

“Accordingly, with effect from 31 October 2023, the Bank ceases to be a public company and shall going forward be referred to by its new name “Stanbic IBTC Bank Limited”.

The Group noted that the re-registration would, however, ensure the proper alignment of the Bank’s entity status and eliminate the existing brand confusion as many investors and members of the public hitherto referred to the Bank as the listed entity and not Stanbic IBTC Holdings Plc.

Okezie in its signed statement said that it is important to note that the Bank remains a wholly owned subsidiary of Stanbic IBTC Holdings Plc and no change of ownership, shareholding structure, or business objects of the Company will occur by virtue of its re-registration to a private company.