Stanbic IBTC Holdings restructures bank to private firm | Director resigns over CBN policy

Stanbic IBTC Holdings Plc has announced the transition of its banking subsidiary from a public company limited by shares to a private company limited by shares.

Chidi Okezie, the firm’s secretary, in a statement on Tuesday, said the change takes effect from Tuesday,  October 31, 2023.

“The bank ceases to be a public company and shall going forward be referred to by its new name ‘Stanbic IBTC Bank Limited’,” Okezie said.

“The re-registration would however ensure the proper alignment of the bank’s entity status and eliminate the existing brand confusion as 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 its re-registration to a private company.”

The bank added that the change will, however,  not result in any change nor impact the bank’s existing relationships, contractual agreements, or any ongoing regulatory obligations.

YINKA SANNI RESIGNS AS NON-EXECUTIVE DIRECTOR

In a related statement, the parent company announced the resignation of Yinka Sanni as non-executive director of Stanbic IBTC Holdings.

Okezie said the resignation, which takes effect from Tuesday, October 31, 2023, complies with the recent Central Bank of Nigeria (CBN) guidelines on corporate governance on the composition of the board of financial holding companies.

The company added that Sanni will continue to serve as “chairman of the board of Stanbic IBTC Bank Limited (a wholly owned subsidiary of the Company)”.

The board of directors of Stanbic IBTC Holdings Plc expressed their gratitude to Sanni for his leadership, service, and contributions to the company.