Stanbic IBTC officially launches in Nigeria

Stanbic IBTC Bank has been officially launched in Lagos, Nigeria, concluding the merger of Stanbic Bank (Nigeria) a member of the Standard Bank Group of South Africa, and the IBTC Chartered Bank.

In August 2007, Standard Bank secured a 50.1% shareholding of IBTC Chartered through the merger of the two banks and a tender offer, which resulted in the Standard Bank Group having a total estimated US$640mn investment in Nigeria. Following the acquisition, a re-branding process begun aiming to reflect the majority ownership of the newly merged bank.

"While Stanbic IBTC Bank is the new name and the new brand identity, the merger was between two established and highly regarded banks. Therefore we believe customers and staff will experience firsthand the benefits of being part of a Pan African bank with a global network and expertise,” comments Stanbic IBTC Bank chairman and founder of the former IBTC Chartered Bank, Atedo Peterside.

"This represents a new turn for banking in Nigeria.  We have an excellent corporate and investment banking franchise in Nigeria already and bringing on Standard Bank's global footprint can only benefit our customers.  On the personal and business banking side, the experience of Standard Bank, Africa's largest bank, is crucial in bringing new and exciting products to Nigerian customers,” he adds.

Chris Newson, chief executive officer at Stanbic IBTC Bank adds: “We are very excited to finally launch as a single brand to the market, and tangibly demonstrate the benefits of being a strong Nigerian bank with international muscle and expertise, from which our customers and shareholders will benefit significantly,”

The new bank is one of the largest in Nigeria, with a capital base in excess of N60bn, exceeding theN25bn capital requirement by the Central Bank of Nigeria.