Stanbic IBTC Holdings PLC. came alive as the result of a merger between Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc. in 2007, then adopting a holding company structure in 2012 to comply with the revised regulatory framework advised by the Central Bank of Nigeria (CBN), requiring banks to either divest from non-core banking financial services or adopt a holdings’ company structure.
Before the merger IBTC Chartered Bank Plc. Investment Banking & Trust Company Plc (IBTC) was formed as an investment bank on 2 February 1989 with
Atedo N.A. Peterside as the
chief executive officer and
A. Olawale Edun as an
executive director. In 2005, the
Central Bank of Nigeria announced its re-capitalization program for commercial banks. This meant that all commercial banks had to have a NGN 25 billion minimum capital base. This CBN order led to the merger of Investment Banking and Trust Company (IBTC) with Chartered Bank Plc and Regent Bank Plc on 19 December 2005 to form IBTC Chartered Bank Plc with a total asset base NGN 125 billion and listed on the
Nigerian Stock Exchange.
Stanbic Bank Nigeria Limited Stanbic Bank Nigeria Limited was founded in 1991 when Standard Bank Investment Corporation (
Stanbic Bank), acquired the African operations of
ANZ Grindlays Bank. The name was later changed to Stanbic Bank Nigeria Limited and was a wholly owned subsidiary of
Stanbic Africa Holdings Limited (SAHL).
Merger On 24 September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited. Stanbic Africa Holdings Limited (SAHL) on behalf of
Standard Bank tendered an offer for the acquisition of additional IBTC shares in order to attain majority shares in the merged business. This resulted in SAHL having a majority shareholding 50.75% up from 33.33% as at the merger date. The business name was subsequently changed to Stanbic IBTC Holdings Plc and resumed trading on the
NSE. ==Member companies==