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Atedo Peterside retires from Stanbic IBTC board after 35 years

Atedo Peterside resigns from Stanbic IBTC board after 35 years

Atedo Peterside has retired from the board of Standard Bank Group Limited, South Africa  after serving for 35 years.

“Today was the Annual General Meeting of Standard Bank Group Limited and I opted not to be re-elected as a Director. The retirement age is actually 70, but I believe 35 years is enough & the succession plans have worked well,” Peterside announced on twitter.

He is retiring at the age of 68 years. Peterside  founded Stanbic Investment Banking & Trust Company Limited (IBTC) in February 1989 at age 33. He served as the Bank’s CEO till 2007.

IBTC opted to comply with the Central Bank of Nigeria order in 2005 that all commercial banks had to have a N25 billion minimum capital base by raising more capital and also acquiring two commercial banks; Chartered Bank Plc and Regent Bank Plc, in order to become a universal bank on 19 December 2005. It then changed its name to IBTC Chartered Bank Plc.

On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited to form Stanbic IBTC Bank Plc, and he was elected Chairman of Stanbic IBTC Bank in October 2007.

Peterside was Group Chairman of Stanbic IBTC Holdings Plc from August 2012. Having overseen a number of regulatory matters through to completion, he announced his resignation March 31, 2017.

He attained his secondary education at King’s College, Lagos and obtained a B.Sc degree in Economics from The City University, London.

Peterside acquired a Master’s degree (M.Sc) also in Economics from the London School of Economics and Political Science.