Stanbic IBTC Holdings Plc has announced that its banking subsidiary, Stanbic IBTC Bank is exiting the capital market. The bank has already been re-registered as a private company limited by shares.
The announcement was made in a corporate notice signed by the Company’s Secretary, Chidi Okezie, and filed with the Nigerian Exchange Limited on Tuesday.
The notice revealed that the lender had received all the required regulatory and shareholders’ approvals for the transition of its subsidiary from a public company limited by shares.
“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.’
“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 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,” part of the statement read.
The bank also added that the re-registration would ensure the proper alignment of the bank’s entity 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.
Meanwhile, a Non-Executive Director, Yinka Sanni, has resigned from the Board of Stanbic IBTC Holdings PLC with effect from Tuesday.
Okezie revealed that Sanni’s resignation from the Board, complies with the recent Central Bank of Nigeria Guidelines on Corporate Governance, on the composition of the Board of Financial Holding Companies.
However, he will continue to serve as Chairman of the Board of Stanbic IBTC Bank Limited.