Stanbic IBTC Holdings Plc on Wednesday announced that its banking subsidiary, Stanbic IBTC Bank, has been re-registered as a private company limited by shares.
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The bank made the announcement in a corporate notice filed with the Nigerian Exchange Limited on Tuesday.
The notice signed by Company Secretary, Chidi Okezie, revealed that the lender had received all the required regulatory and shareholders’ approvals for the transition of its subsidiary from a public company limited by shares.
As a result, the Bank will no longer be referred to as a public corporation and will instead be known as “Stanbic IBTC Bank Limited” as of October 31, 2023.
The Group pointed out that although many investors and members of the public had previously referred to the Bank as the listed entity and not Stanbic IBTC Holdings Plc, the re-registration would guarantee the correct alignment of the Bank’s entity status and remove any current brand confusion.
It stated, “Accordingly, with effect from today, 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.
“Stanbic IBTC Holdings Plc hereby notifies the Nigeria Exchange Limited and the Investing Public that the re-registration of our Banking subsidiary Stanbic IBTC Bank (the Bank) from a public company limited by shares to a private company limited by shares has been concluded,” the statement reads.
“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 financial holding company also added that the re-registration would ensure the proper alignment of the bank’s entity 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.
“The modification will not affect the Bank’s current associations, contractual commitments, or any continuous regulatory duties,” the statement stated.
The Group had a 1.4% increase over its previous closing price of N74.00 when it completed its most recent trading day on Tuesday, October 31, 2023, at N75.00 per share on the Nigerian Stock Exchange (NGX).
With a share price of N33.45 at the start of the year, Stanbic IBTC has increased in value by 124%.
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