The Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC. The merger, by way of the first ever tender offer in Nigeria and a $525 million FDI, the largest in Nigerian financial history, gave birth to a new entity now known as Stanbic IBTC Bank PLC which became part of the Standard Bank Group. The merger was officiated in August of this year and legalised on the 24th of September 2007.
Stanbic IBTC Bank PLC through its wholly owned stock broking and asset management subsidiary, IBTC Asset Management Limited has several excellent mutual funds including the IBTC Nigerian Equity Fund, which is Nigeria’s largest mutual fund with a net asset value in excess of N25 billion (as at December 2007). It is the only bank that has a direct subsidiary that is a pension fund administrator; through the market leading IBTC Pension Managers Limited (IPML).
The Corporate and Investment banking offering includes global markets, project and structured finance, equities trading, corporate finance, global custody and a myriad of transactional and electronic banking solutions. As part of Africa’s largest bank, it is able to give its clients access to expertise and on the ground presence across the globe, a vital service in the ever increasing global requirements of business.
Stanbic IBTC Bank PLC continues to play a significant role in some of the largest capital markets deals not only in Nigeria but in the continent as well. Stanbic IBTC Bank PLC was involved with Standard Bank London and Afrinvest as lead arrangers of the historic $350 million Eurobond issue for GT Bank. More recently, together with its parent company, Standard Bank, it put together the largest telecommunications deal ever in Africa – a $ 2 billion syndicated loan for MTN Nigeria.
Traditionally strong as a corporate and investment bank, Stanbic IBTC Bank PLC looks set to strengthen its position in this sector and will increasingly play a significant role in the personal and business banking retail environment.
Stanbic IBTC Bank PLC offers its clients a wide range of corporate, investment, business and personal banking products and solutions. With over 60 branches across the country and over 1500 dedicated staff, the bank is positioned to take care of your banking requirements.