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Stanbic IBTC Bank Transitions to a Private Limited Company

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As of October 31, 2023, the bank will no longer be a public company and will now be referred to as ‘Stanbic IBTC Bank Limited,’ its new name. It is important to note that the bank remains a wholly owned subsidiary of Stanbic IBTC Holdings PLC, and its re-registration as a private company does not alter the ownership, shareholding structure, or business objectives of the company. Furthermore, the re-registration will not have any impact on the bank’s existing relationships, contractual agreements, or regulatory obligations, according to the statement.

The financial holding company also stated that the re-registration will resolve brand confusion, as many investors and members of the public previously referred to the bank as the listed entity rather than Stanbic IBTC Holdings Plc.

Additionally, Non-Executive Director Yinka Sanni has resigned from the Board of Stanbic IBTC Holdings PLC in compliance with the recent Central Bank of Nigeria Guidelines on Corporate Governance regarding the composition of boards of financial holding companies.

However, Sanni will continue to serve as the Chairman of the Board of Stanbic IBTC Bank Limited.

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