Stanbic IBTC bank re-registered as a private liability company

 

The banking division of Stanbic IBTC Holdings Plc, Stanbic IBTC Bank, has reregistered as a private company limited by shares, the business stated.

The declaration was included in a business notice that was submitted to the Nigerian Exchange Limited on Tuesday.

The notice, which was signed by Chidi Okezie, the company secretary, stated that the lender had obtained the necessary shareholder and regulatory permissions to convert its subsidiary from a publicly traded company limited by shares.

It stated, “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 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 financial holding firm also stated that many investors and members of the public had previously referred to the bank as the listed entity rather than Stanbic IBTC Holdings Plc, and that the re-registration will secure the correct alignment of the bank's entity and remove any current brand confusion.

On Tuesday, Yinka Sanni, a Non-Executive Director, announced her resignation from the Stanbic IBTC Holdings Plc board.