In a significant corporate development, Stanbic IBTC Holdings Plc has officially announced the change in the status of its banking subsidiary, Stanbic IBTC Bank. As of October 31, 2023, the bank has successfully transitioned from being a public company limited by shares to a private company limited by shares.
The decision to undertake this re-registration was the outcome of thorough deliberation and garnered all the requisite regulatory and shareholders’ approvals. As a result of this transformation, the bank will now operate under the name “Stanbic IBTC Bank Limited.”
The primary objective behind this shift is to eliminate existing brand-related confusion. Over time, there had been instances where investors and members of the public mistakenly identified the bank as the listed entity rather than its parent company, Stanbic IBTC Holdings Plc.
It is crucial to emphasize that this re-registration has not altered the ownership, shareholding structure, or the core business objectives of Stanbic IBTC Bank now private. It continues to be a wholly owned subsidiary of Stanbic IBTC Holdings Plc. The transformation will have no bearing on the bank’s existing relationships, contractual agreements, or regulatory obligations.
On October 31, 2023, Stanbic IBTC Group concluded its last trading day on the Nigerian Stock Exchange (NGX) at a closing price of N75.00 per share, marking a 1.4% gain over its previous closing price of N74.00. The group commenced the year with a share price of N33.45, demonstrating an impressive 124% appreciation in its price valuation throughout the year.
This transition to a private entity ensures a more streamlined and distinct identity for Stanbic IBTC Bank while maintaining its commitment to business integrity and continuity. The move reflects a strategic decision aimed at clarifying its corporate structure and upholding transparency within the financial sector.
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