Stanbic IBTC Bank Re-registered as a Private Company
Stanbic IBTC has ceased to be a public company as the financial institution announced its decision to re-register as a private company.
In a regulatory filing submitted to the Nigerian Exchange, Stanbic IBTC Holdings PLC told the investing public about the banking arm identity alteration.
It said the decision has been made following the receipt of all required regulatory and shareholders’ approvals.
“The re-registration of our Banking subsidiary – Stanbic IBTC Bank from a public company limited by shares to a private company limited by shares has been concluded”, the statement reads.
Accordingly, with effect from today, 31 October 2023 the Bank ceases to be a public company and shall going forward be referred to by its new name Stanbic IBTC Bank Limited.
The company said the re-registration would however ensure the proper alignment of the Bank’s entity status and eliminate the existing brand confusion.
It noted that many investors and members of the public hitherto referred to the Bank as the listed entity and not Stanbic IBTC Holdings PLC.
“It is important to note that the Bank remains a wholly owned subsidiary of Stanbic IBTC Holdings PLC and no change of ownership, shareholding structure, or business objects of the Company will occur by virtue of its re-registration to a private company.
“The change will also not impact the Bank’s existing relationships, contractual agreements, or any ongoing regulatory obligations”, the statement reads.