Stanbic IBTC, member of the Standard Bank Group which has been in operation for over 155 years, is celebrating 30 years of providing quality financial services to its clients, Dailytimes report.
The company has grown from its early days as a merchant bank to become the leading end-to-end financial services provider in the country, with a balance sheet size close to N2 trillion and a market capitalisation valued at approximately N500 billion in December 2018.
In 30 years, Stanbic IBTC has built a culture of excellence in providing its clients with innovative financial products and services as well as contributing to the attainment of the developmental aspirations of the country.
Today, many of its subsidiaries are market leaders in their segments; these include Stanbic IBTC Bank PLC, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital, and Stanbic IBTC Nominees.
“It gives me immense pride celebrating this milestone with the Stanbic IBTC family, our clients, who have believed in us and entrusted us with their financial needs all these years, our partners, shareholders, and Nigerians. We have come a long way since 1989 when the business was started in Lagos to having a strong presence in the 36 states and Abuja and becoming part of a multinational concern and one of the top seven most capitalised companies on the Nigerian Stock Exchange,” Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, said.
“We are indeed very excited about our future prospects, the economic and environmental challenges notwithstanding, as we continue to work with our clients to provide relevant and top quality financial solutions aimed at enabling real growth for individuals and businesses”, Sanni added.
The financial services institution has experienced several transformations in its 30-year history. Investment Banking & Trust Company Limited (IBTC) was incorporated on 02 February 1989 as a merchant bank. Following the introduction of universal banking and a regulatory requirement for financial institutions to have an N25 billion minimum capital base, IBTC merged with Chartered Bank PLC and Regent Bank PLC in 2005 to become IBTC Chartered Bank PLC, which effectively transformed it into a universal bank.
Two years later in 2007, IBTC Chartered Bank PLC merged with Stanbic Bank Nigeria Limited, the Nigerian subsidiary of Standard Bank of South Africa, to become Stanbic IBTC Bank PLC.
The reforms in the Nigerian financial system, which led to the review of the Universal Banking Policy of the CBN and the introduction of a holding company model, led to the adoption of a HoldCo structure by Stanbic IBTC in 2012 to retain its non-core banking businesses.
