The launch of Stanbic IBTC Bank was announced today in Lagos, signalling the successful conclusion of the merger of Stanbic Bank (Nigeria) Limited, a member of The Standard Bank Group of South Africa Limited and the IBTC Chartered Bank Plc.

Standard Bank had in August 2007 secured 50.1 percent shareholding of IBTC Chartered in a tender offer, which culminated in the injection of $640 million foreign direct investment in the country and the commencement of the re-branding of the merged entity to reflect the majority ownership of the bank.

Commenting on the launch, Stanbic IBTC Bank Chairman and founder of the former IBTC Chartered Bank, Mr Atedo Peterside, noted that the launch of the merged entity symbolises a significant step in the evolution of a new era of banking in Nigeria. He believes that Stanbic IBTC Bank is taking the lead in the transformation of the industry. 

“Through the newly launched Stanbic IBTC Bank, customers and staff will experience firsthand the benefits of being part of a Pan African bank with a global network and expertise; it really is a new turn for banking in Nigeria.  The current corporate and investment banking franchise that we have in Nigeria is already world class, IBTC Chartered are already recognised as a leader in the sector in Nigeria.  The merger with Stanbic Bank Nigeria and their status as the best global markets bank in Nigeria, not to mention Africa ensures a peerless experience for our corporate customers” Peterside said.

The new entity has a capital base in excess of N60 billion, exceeding the N25 billion capital requirement by the Central Bank of Nigeria (CBN) and making it one of thelargest banks in Nigeria with branches across the country.