• Friday, March 01, 2024
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Stanbic IBTC converts banking subsidiary to private company

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The banking subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Bank Plc, has been re-registered with the Corporate Affairs Commission (CAC) as a private firm.

A statement from the parent organisation disclosed that the conversion was done as a result of brand confusion among investors and members of the public.

It was stated that some investors confuse the parent company with the banking business and to clear the confusion, the banking arm of the firm has been changed to a private limited liability company from a public liability entity.

Stanbic IBTC said it has obtained regulatory approvals for the conversion, noting that this has not changed the lender’s status as a firm under the holding company.

“Stanbic IBTC Holdings PLC hereby notifies the Nigeria Exchange Limited 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, from a public company limited by shares to a private company limited by shares has been concluded.

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“Accordingly, with effect from today, October 31, 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 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.

“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.

“The change will also not impact the Bank’s existing relationships, contractual agreements, or any ongoing regulatory obligations,” the statement from Stanbic IBTC stated.