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Tag: Stanbic IBTC

  • Stanbic IBTC attracts $1.13b capital in six months, says NBS

    Stanbic IBTC attracts $1.13b capital in six months, says NBS

    Stanbic IBTC, in the second quarter of this year, has facilitated a $589.84 million capital inflow into the country, ranking as the first among financial institutions that imported capital into Nigeria.

    The Nigerian Bureau of Statistics (NBS), in its second quarter 2017 Capital Importation  Report, stated that Stanbic IBTC accounted for 32.91 per cent ($589.84 million or N216.47 billion) of the total share for the period, representing an increase of 9.12 per cent over the $536.78 million it posted in the first quarter of the year, bringing it to $1.127 billion (N413.62 billion) capital importation by the bank in the first six months of the year.

    The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank have accounted for 70.7 per cent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.

    According to the report, Portfolio Investments were the key mover of capital during the quarter, growing by 145.7 per cent, and followed by other investments, which rose by 95.02 per cent, and Foreign Direct Investment (FDI) by 29.8 per cent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. Placing second was other investments, with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 per cent.

    The bank’s accomplishment has reflected its strength, strong leadership and unyielding support of its parent company, the 154-year-old Standard Bank  Group, Africa’s largest financial institution.

    Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged its continued support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.

    The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom (UK), which accounted for $696.7 million or 38.87 per cent of the total. The second largest value of capital importation came from the United States (US) with $287.82 million or 16.06 per cent.

  • Stanbic IBTC gets quality management certification

    Stanbic IBTC Bank has received the ISO 9001:2015 Certification, a highly regarded Quality Management System certification globally. It was presented to the bank in Lagos.

    The certification, among its many benefits, will enable the bank to serve its customers at the right level of quality and ensure zero variability in the delivery of service across the various digital and non-digital touch-points, all of which enhance customer banking experience and relationship with the bank.

    Country Director, DQS Certification Management Systems, Lawrence Ogudu, affirmed that Stanbic IBTC Bank met the requirements of the ISO 9001:2015 Certification, which, among others, entails demonstration of the ability to consistently provide products and services that meet customer and applicable statutory and regulatory requirements.

    It also involves the enhancement of customer satisfaction through the effective application of the system, including processes for improvement of the system and the assurance of conformity to customer and applicable statutory and regulatory obligations.

    Executive Director, Operations, Stanbic IBTC Bank, Wole Adeniyi, praised the bank’s team for making the certification possible and stressed that the requirements of the system would be continually reviewed and developed for higher performance.

    “We are delighted about the ISO 9001:2015 Certification. We welcome it as yet another demonstration of our drive to improve service delivery in all aspects of our business. We will continue to build on our existing strengths, including our membership of the Standard Bank Group, Africa’s biggest financial institution, to undertake improvement actions for better quality of service across all segments and channels of our operations,” Adeniyi said.

    The certification, he added, provides another reason to benchmark the bank’s performance by identifying flaws that require fixing and improvement. The ultimate goal is to deliver quality, reliability and proficient services through improved internal management and operational processes, he stated.

    “We have long recognised that improvements in our performance, which a robust quality management system assures, are directly connected to quality service and customer satisfaction,” he added.

     

  • Stanbic IBTC Bank supports savings drive

    Stanbic IBTC Bank supports savings drive

    The desire by Nigerians to get better returns on their savings received a boost with the launch of Max Yield Savings Account (MYSA) by Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC. The bank said MYSA is a high interest paying account that pays interest at fixed deposit rate (currently up to 6.2% per annum) on savings balances of N100,000 and above, thus increasing the interest returns enjoyed on the account in excess of the regular savings account rate. The product is the latest addition to the bank’s bouquet of products aimed at rewarding medium savers who may not have the large amount required to open fixed deposit accounts.

    The Stanbic MYSA account is well suited for people who desire to save towards a target purchase or investment, like property purchase, school fees payment, vehicle purchase, vacation, annual rent, etc. The high interest yield helps them achieve their target savings faster while also allowing easy access to the fund through the bank’s multiple transaction channels.

    Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, said the product was introduced to help customers achieve their savings and investment objectives. According to her, in line with the retail banking drive of the Stanbic IBTC Group and the financial inclusion policy of the Central Bank of Nigeria, the bank will continuously explore ways to develop financial solutions that are relevant to the financial and economic aspirations of Nigerians.

  • Stanbic IBTC trains clients on employee productivity

    Stanbic IBTC Bank Plc has hosted Human Resources Managers on employee productivity and the need to fulfill brand promise.

    The keynote lecture was delivered by Principal Partner, Philips Consulting, Foluso Philips, with the theme: Increasing employee productivity through engagement.

    Tagged – Workplace Banking Seminar, the workshop provided an opportunity for the bank to bring customers together as key stakehold-ers to add value to their business processes.

    The “Workplace Banking Seminar” comes on the heels of the bank’s hugely successful employee engagement sessions it started in 2015, which it holds in respective clients’ offices with a view to equipping them with vital financial management knowledge aimed at impacting employee financial literacy as well as improving on overall financial well-being for employees and essentially drive their business efficiency, productivity, profitability, bottom-line, continuity, growth and sustainability.

    Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, said the bank is trying to add value which goes beyond providing banking services to its customers.

    By “looking at the whole spectrum of customer experience, value based banking, doing banking differently from the usual”, Okoli said Stanbic IBTC Bank views its relationship with its customers as a partnership which is why customers should experience such benefits that change old perception where banks are seen as just custodians of their funds.

    Phillips highlighted how organisations could improve productivity of their employees by driving engagement, commitment and motivation. He went on to identify some key drivers of engagement to include; career opportunity, organisation reputation, pay package, brand alignment, innovation, recognition/reward and people and human resources practice.

    To drive productivity, he listed some key elements organisations must adopt as hiring selectively, line manager leadership skills, mentoring, competitive salary, comfortable work environment productivity in the workplace and culture, flexi-work, and open communication.

    Others include supportive management, encouraging a healthy work-life balance, creating a sense of community, professional development, recognition and reward and benefits and perks.

    A major highlight of the event was the question and answer session which was very interactive and engaging. Major talking points included creating an engaged workforce by fusing learning and talent management, using technology to leapfrog, ensuring inclusion and participation in activities and initiatives and using meritocracy as a yardstick for appraisal. The seminar drew participants from multinationals, small and medium scale enterprises (SMEs) and start-ups.

    Head, Workplace Banking, Stanbic IBTC Bank, Mrs. Olajumoke Bello, in her closing remarks, assured participants that even though this was the maiden edition of the Workplace Banking Seminar, the bank hopes to host many more useful sessions like this to impact the businesses of its customers.

  • Stanbic IBTC trains clients on employee productivity

    Stanbic IBTC trains clients on employee productivity

    Stanbic IBTC Bank Plc has hosted  Human Resources Managers on employee productivity and the need to fulfill brand promise.

    The keynote lecture was delivered by Principal Partner, Philips Consulting, Foluso Philips, with the theme: Increasing employee productivity through engagement.

    Tagged – Workplace Banking Seminar, the workshop provided an opportunity for the bank to bring customers together as key stakeholders to add value to their business processes.

    The ‘Workplace Banking Seminar’ comes on the heels of the bank’s hugely successful employee engagement sessions it started in 2015, which it holds in respective clients’ offices with a view to equipping them with vital financial management knowledge aimed at impacting employee financial literacy as well as improving on overall financial well-being for employees and essentially drive their business efficiency, productivity, profitability, bottom-line, continuity, growth and sustainability.

    Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, said the bank is trying to add value which goes beyond providing banking services to its customers.

    By “looking at the whole spectrum of customer experience, value based banking, doing banking differently from the usual”, Okoli said Stanbic IBTC Bank views its relationship with its customers as a partnership which is why customers should experience such benefits that change old perception where banks are seen as just custodians of their funds.

    Phillips highlighted how organisations could improve productivity of their employees by driving engagement, commitment and motivation.  He went on to identify some key drivers of engagement to include; career opportunity, organisation reputation, pay package, brand alignment, innovation, recognition/reward and people and human resources practise.

    To drive productivity, he listed some key elements organisations must adopt as hiring selectively, line manager leadership skills, mentoring, competitive salary, comfortable work environment productivity in the workplace and culture, flexi-work, and open communication.

    Others include supportive management, encouraging a healthy work-life balance, creating a sense of community, professional development, recognition and reward and benefits and perks.

    A major highlight of the event was the question and answer session which was very interactive and engaging. Major talking points included creating an engaged workforce by fusing learning and talent management, using technology to leapfrog, ensuring inclusion and participation in activities and initiatives and using meritocracy as a yardstick for appraisal. The seminar drew participants from multinationals, small and medium scale enterprises (SMEs) and start-ups.

    Head, Workplace Banking, Stanbic IBTC Bank, Mrs. Olajumoke Bello, in her closing remarks, assured participants that even though this was the maiden edition of the Workplace Banking Seminar, the bank hopes to host many more useful sessions like this to impact the businesses of its customers.

  • Stanbic IBTC Trustees launches campaign

    Stanbic IBTC Trustees Limited, a member of Stanbic IBTC Holdings PLC., has launched a nationwide marketing campaign to heighten awareness among Nigerians on the desirability and beauty of leaving a lasting legacy.
    The campaign, with the theme “Stanbic IBTC Legacee”, urges Nigerians to leave a long-lasting legacy by embracing a culture that ensures the uncomplicated acquisition of assets and seamless distribution of such assets to cherished ones.
    Speaking in Lagos, Stanbic IBTC Trustees Limited Chief Executive, Binta Max-Gbinije, said in the same manner that people look after themselves, a much more enduring legacy is to also look out for others, be they parents or children, father and mother, siblings, relations, the family, community and country.
    Noting that the African culture is characterised by bond, Max-Gbinije said long after an individual has passed away, a memorable way of remembering him is the legacy left behind and its benefit to other members of the community, especially the family.
    This, she said, was what makes estate planning imperative, not just by wealthy people, but everyone else, regardless of their social and financial clout.
    Max-Gbinije said: “This awareness campaign is part of our duty and mission to enlighten the public on issues around having a positive legacy. This is not a brand promotion, but a concerted effort at drawing attention to the strategic role of estate planning in the seamless transfer of assets. This practice is essential for the overall orderly development of society. By having an enduring legacy, the values and ideals important to the individual would likely be maintained.’’

    “When you are driven by the understanding that other peoples’ interests are as important as your own, then you will not have any qualms recognizing the importance of preserving the family’s legacy by creating a set of documents that helps in preparing for such certainties as death and taxes. To ensure the message reaches every Nigerian, the campaign will run on radio, television, press, and outdoor, it’s central theme being a clear understanding that death is inevitable and should be recognized as such and planned for, while alive.
    “We are all familiar with the issues that often arise upon death, with members of the family pitched against one another. This is often resolved by the courts, sometimes after a prolonged litigation that would have drained everybody. This can be avoided with an estate plan which lets the individual decide how his assets are handled after passage”.
    The company, she said, understands the art and importance of legacy, and coming from Stanbic IBTC, which has a stated goal of serving the individual through the various life stages, the campaign will leverage on the 153 year-old pedigree of the Standard Bank Group, to which Stanbic IBTC belongs, to deliver a win-win outcome for all stakeholders.
    Apart from writing a Will, she identified options available to make provisions for loved ones to include instituting a Living Trust, and Gifting of assets, all of which facilitates orderly acquisition and transfer of assets.
    She said Stanbic IBTC Trustees Limited will be organizing a slew of awareness road-shows and customer meets through which the public and stakeholders will gain valuable insight on the importance of estate planning and how they can harness trusteeship services to their benefit.
    The company has launched a number of products in furtherance of its mission to provide world-class trusteeship services in Nigeria. Among them is the Stanbic IBTC Educational Trust (SET), an educational trust product that assists parents and guardians to provide sound education for their children and wards. The product offers numerous long-term benefits which assure beneficiaries of a brighter future via education and training.

  • Stanbic IBTC brokers leverages retail to deepen penetration

    Stanbic IBTC Insurance Brokers Limited, a newly licensed broking firm, has pledged to deepen insurance penetration through aggressive retail business operations, its Managing Director, Anselem Igbo, has said.

    He spoke at a media parley in Lagos, and stressed that the firm, which was recently incorporated to carry out insurance broking business, would explore retail business. This is presently being neglected by most broking firms, leveraging the robust network of the Stanbic IBTC Group; Information Communication Technology (ICT); good capitalisation and liquidity;  stable and experience management; strong risk management policies and strong corporate governance, amongst others.

    He said the company’s projection was to be among the top five insurance broking firms in the next 10 years, adding that this would be achieved through good working relationship with underwriters to ensure prompt claims payment and partnership with the media to create awareness.

  • Stanbic IBTC Pension Managers’ assets hit N1.88tr

    Stanbic IBTC Pension Managers’ assets hit N1.88tr

    Stanbic IBTC Pension Managers Limited has over 1.5 million Retirement Savings Accounts (RSAs), with assets under management in excess of N1.88 trillion, Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin has said.

    He made this known at the employers’ forum, titled: partnering to deliver excellent pension administration Services, held in Benin, Edo State.

    He stated that the company, a Pension Fund Administrator (PFA) has paid approximately N1.8 billion to over 44,000 retirees monthly.

    He added that over N261 billion has also been paid to retirees since the PFA began operations in 2006, Bajomo added.

    He, however, noted that employers was critical stakeholders to ensuring that the over 73 million employed Nigerians have RSA account.

    According to him, the forum which was the first to be held in 2017 is part of efforts to boost participation in the Contributory Pension Scheme (CPS) and ensure that employed Nigerians have RSA accounts.

    The event was the first leg of the 2017 edition of the company’s employers’ forum that started three years ago. ‘’It is part of our strategic approach to engaging industry stakeholders on ways to strengthen the Nigerian pensions industry’’, he said.

    Fajemisin stressed that employers remained the pivot upon which the sustainability of the pension scheme rests and as such it is imperative to engage them on their key roles and how those roles impact the pension scheme.

    He said employers must show commitment in terms of ensuring their employees have RSA and funding of those accounts through regular remittances.

    He said: “There is a clear need to ensure the rapid growth of the CPS by increasing its uptake by Nigerians. Latest figures from the Nigerian Bureau of Statistics showed that the country has 73.4 million working Nigerians. Of this number only about 10 per cent representing 7.3 million Nigerians are captured in the CPS. This forum is designed to bring together employers and pension experts and act as a platform where knowledge and information can be shared on the pension business and how to increase participation in the scheme.

    “Some of the expectations this year’s employers’ forum highlighted include derivable benefits of participation in the pension scheme, safeguards put in place to protect pension funds, expected participants in the pension scheme, ways to enhance collaborations to move Nigeria’s pension industry forward, the role of an employer/employee in the CPS, and the challenges and opportunities in the industry.

    “Others include how pension assets can be deployed to support sustainable development in the country. The forum also examined contributors’ access to their RSAs, and claims processing, withdrawal from the pension scheme, returns on investment on pension funds, annuity and regulatory oversight, among others.”

    Fajemisin called on employers and other stakeholders to engage to fashion out how sustainable growth of the industry can be achieved and more importantly, ways of ensuring workers enjoy a level of comfort while in retirement and create economic prosperity for all.

    The banking Executive Director, Investments, Oladele Sotubo, noted that the company believes in active engagement of employers on the importance and impact of their role in pension administration and the retirement process, part of which includes helping their workers have retirement plans through the opening of retirement savings accounts and regular remittance of their contributions.

    He stressed that the overall aim is to increase participation by more Nigerians. “Let us note that under the Pension Reform Act of 2014, private sector organisations with a minimum of three employees or more are required to register under the scheme. Also, an employer is compulsorily required to open a Temporary Retirement Savings Account (TRSA) for an employee who fails to open a RSA within three months of being employed. The law also prescribes stiff penalties for pension fraud including employers who steadily fail to deduct and/or remit pension contributions of their employees within the stipulated time.

    Head, Business Development, Stanbic IBTC Pension, Mrs. Nike Bajomo on her part, reiterated that the PFA, backed by the expertise and experience of Stanbic IBTC Group, a member of the over 153-year-old Standard Bank Group, will not relent in providing excellent service to its RSA holders and Nigerians.

    “Stanbic IBTC Pension is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and others, applying sector expertise, particularly in natural resources, globally.

    “The employers’ forum will be held in eight cities across the country, with the Benin forum, kick-starting the engagements.

    ‘’Stanbic IBTC Pension Managers said it identified employers as a critical stakeholder in the pension industry and has designed the forum to engage them and encourage their buy-in into the CPS,” he added.

     

  • DMO appoints Stanbic IBTC agent for FGN bond

    DMO appoints Stanbic IBTC agent for FGN bond

    The Debt Management Office (DMO), has named Stanbic IBTC Stockbroker Limited as the receiving agent for the much publicised Federal Government of Nigeria Savings Bond (FGNSB) whose subscription opens on Monday.

    The offer will run for five days, with subscription forms available through Stanbic IBTC Stockbroker Limited and in all branches of Stanbic IBTC Bank across the country.

    According to the Debt Management Office (DMO), the retail savings bond product will be accessible to all income groups for subscription at NGN5,000.00 per unit, with a maximum subscription of N50 million  and a tenor ranging from two to three years.

    Director General, DMO, Dr. Abraham Nwankwo, speaking during the recent listing of the US$1 billion FGN Eurobond on The Nigerian Stock Exchange, had hinted the market of the government’s plan to democratise the bond market by making it easily accessible to most Nigerians.

    He said by promoting retail participation in the bond market, the goal of encouraging an all-inclusive participation in investments and driving financial inclusion in the country will be further enhanced.

    Amongst its many benefits, FGNSB would provide opportunity to all citizens, irrespective of income level, to contribute to national development, deepen the national savings culture; enable all citizens participate in and benefit from the favourable returns available in the capital market as well as diversify investment options for people and funding sources for the government.

    Chief Executive, Stanbic IBTC Stockbrokers Limited, Mrs. Titi Ogungbesan, stated that subscription for the Bond can be made through Stanbic IBTC Stockbrokers, as the sole Government Stockbroker to the Federal Government bond; distribution and receiving agent for the retail savings bond. This means that both current and prospective clients can access the product at any Stanbic IBTC Bank branch nationwide to subscribe to the auction or submit their completed forms.

    “Stanbic IBTC would continue to partner with government and other stakeholders to achieve sustainable economic development, including the deepening of the Nigerian Capital Market, “said Ogungbesan.

    The positioning and transformation of Nigeria’s bond market into a vibrant investment window, she added, requires the collaboration of all stakeholders and reiterated the organisation’s commitment to facilitate stability and growth of the Nigerian capital market, via confidence-building initiatives and leveraging investment opportunities in the market.

    She recalled that Stanbic IBTC Stockbrokers Limited was appointed stockbroker to the Federal Government on FGN Bonds as well as primary market maker by The Nigerian Stock Exchange, in a clear affirmation of the company’s ability to deliver on its mandates as well as the Stanbic IBTC Group’s overall leadership in the various market segments.

    The listing of the Stanbic IBTC ETF 30, an index built on the NSE 30 Index, the SIAML Pension ETF 40, a Pension Index Exchange Traded Fund and the launching of the Stanbic IBTC E-Trade, an online stockbroking platform that allows investors view real-time market information and buy or sell shares, Ogungbesan said.

  • Stanbic IBTC assures shareholders of sustainable returns

    Stanbic IBTC assures shareholders of sustainable returns

    The board of directors and management of Stanbic IBTC Holdings Plc have reassured shareholders that the financial services group is steadily on track to sustain its long-term strategic growth and profitability objectives in spite of the macroeconomic challenges.

    At the annual general meeting in Lagos, the management of the bank reemphasized the strategic growth plan of the bank and assured shareholders that the group remained committed to delivering outstanding value to all stakeholders.

    Chief executive officer, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni said the bank’s strategy of building a franchise capable of generating sustainable returns to its shareholders remains in place as it continues to invest in building a cost-efficient and customer-friendly organization.

    According to him, despite a slowing economy, the group remains in a very sound financial shape as attested to by Fitch Ratings, which recently reaffirmed the national ratings of both Stanbic IBTC Bank and Stanbic IBTC Holdings.

    He pointed out that the group has earnestly continued to grow its customer base through innovation and customized financial solutions, which should simultaneously continue to ensure better earnings and positive outcomes for all stakeholders.

    “Our customers and stakeholders are the epicentre of our existence and will remain so. Our balance sheet remains strong and we believe it will get stronger in the coming years. We will continue to deliver exceptional service and value to our customers, together with profitability and growth in a sustainable manner,” Sanni said.

    He said the bank would continue to prioritise asset quality through diligent and systematic approach to risk management.

    During the meeting, shareholders approved a dividend as recommended by the board, re-elected retiring directors and appointed additional directors. Key extracts of the audited report for the year ended December 31, 2015 showed that the group recorded gross earnings of N140.027 billion, up from N130.654 billion from 2014. Profit before tax stood at N23.651 billion during the period, while profit after tax was N18.891 billion. Total assets decreased to N937.6 billion by December 2015, while customer deposits was largely flat at N493.5 billion during the same period.

    Stanbic IBTC had been embroiled in a long-drawn dispute with the Financial Reporting Council of Nigeria. The dispute was resolved late 2016. In a statement to the Nigerian Stock Exchange (NSE) on December 21, 2016, Stanbic IBTC indicated that its 2015 audited financial statements, which had been held in abeyance due to the dispute, had been signed off by the external auditors, Messrs. KPMG Professional Services, paving the way for the group to make the report public.