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Tag: Stanbic IBTC

  • Stanbic IBTC offers 211.7m shares option for interim cash dividend

    The board of directors of Stanbic IBTC Holdings Plc yesterday indicated that the holding company could issue up to 211.7 million ordinary shares of 50 kobo each as scrip dividend shares if shareholders opt to receive their first half interim dividend in shares.

    Stanbic IBTC Holdings had mid last month announced interim dividend of N10.11 billion for the first half of 2018, representing interim dividend per share of N1, 66.7 per cent above 60 kobo paid for the corresponding period of 2017.

    Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) yesterday, the board of the holding group indicated that the reference price to be used for the conversion of the cash-to-scrip shares option would be N47.75 per share, implying a total of 211.7 million shares for the N10.11 billion cash dividend.

    Under the conversion programme, the reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the company’s shares on the NSE for the five business days commencing on the day the ordinary shares are first quoted ex-dividend.

    The qualification date for the interim dividend was August 28, 2018 while the payment date for the dividend is September 26, 2018. Where a shareholder elects to receive the whole or a part of his dividends by way of new ordinary shares, such scrip shares shall only be allotted after receipt of any required regulatory.

    In order to be valid, any scrip dividend election by shareholders, must be made to the company’s Registrars, not later than seven days prior to any dividend payment date, implying that all completed forms for shares dividend option must reach the Registrars on or before close of business on Wednesday September 19, 2018.

    However, shareholders who elect to receive their dividends in cash, are not required to take any action as they will have their cash dividends credited to them on the dividend payment date.

    Key extracts of the audited report and accounts of Stanbic IBTC Holdings for the six-month period ended June 30, 2018 showed that gross earnings grew by 17 per cent while profit after tax jumped by 79 per cent. Gross earnings rose from N97.20 billion in first half 2017 to N114.21 billion in first half 2018. Profit before tax also leapt by 74 per cent to N50.73 billion in first half 2018 compared with N29.17 billion in the corresponding period of 2017. Profit after tax increased to N43.08 billion in 2018 as against N24.11 billion recorded in the corresponding period of 2017. Total assets closed first half 2018 at N1.37 trillion as against N1.39 trillion recorded in December 2017.

    Further analysis showed that the group maintained capital adequacy levels that are significantly above the regulatory limit of 10 per cent. The group’s total capital adequacy ratio for the period closed at 27.4 per cent while the commercial banking entity had a ratio of 23.0 per cent. Group Tier 1 capital adequacy ratio stood at 23.3 per cent with the bank having 18.5 per cent). The improvement in group capital adequacy ratio to 27.4 percent from 23.5 percent in December 2017 was as a result of the significant increase in retained profit.

  • CBN fines four banks N5.8bn over MTN’s transaction

    .Standard Chartered      N2.4b
    .Stanbic IBTC                        N1.8b
    .Citibank                                N1.2b
    .Diamond Bank                  N250m
    writes MTN to refund $8b

    The Central Bank of Nigeria ( CBN ) on Wednesday fined four banks N5.87b for violation of its capital importation policy.

    The apex bank said the affected lenders were asked to refund $8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’.

    A certificate of capital importation (“CCI”) is a certificate issued by a Nigerian bank confirming an inflow of foreign capital either in the form of cash (loan or equity) or goods. A CCI is usually issued in the name of the investor within 24- 48 hours of the inflow of the capital into Nigeria in line with CBN’s guidlines.

    The four banks that have come under the sledge hammer of the CBN for the violations are Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank.

    Announcing the decision in Abuja , CBN’s Director, Corporate Communications, Isaac Okorafor, said the actions of the bank became necessary following allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the apex bank in March 2018.

    The CBN has therefore asked the managements of the banks and MTN Nigeria Communications Limited to immediately refund the sum of $8,134,312,397.63, illegally repatriated by the company to the coffers of the Central Bank of Nigeria.

    Figures obtained from the CBN indicated that the highest fine of N2,470,604,767.13 was slammed on Standard Chartered Bank, while Stanbic IBTC Nigeria was fined the sum of N1,885,852,847.45. For its punishment, Citibank Nigeria was penalized in the sum of N1,265,541,562.31, just as Diamond Bank was directed to pay the sum of N250 million for violating extant rules.

    Okorafor further disclosed that the decision of the bank followed thorough investigations by it into the allegations of remittances by the four banks of forex with irregular certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited.

    He said the investigations revealed that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. Similarly, he said the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015. Accordingly, he said the CBN had directed the affected banks to immediately refund the respective sums to the CBN.

    The CBN investigation further revealed that on account of illegal conversion of MTN shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company.

    While disclosing that the investigations by the CBN took a while in order to carry out thorough inquiry and give fair hearing to all parties involved, Okorafor advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions. He warned that failure by the management of banks and companies to abide by the existing guidelines would be appropriately sanctioned, which sanctions may include denial of access to the Nigerian foreign exchange market.

    In a letter by the CBN to MTN, the financial sector regulator told the telecom giant that its investigation also revealed that shareholders of the company invested t $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB) and that the CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders’ loan and $343,153,339.56 as equity.

    “However, a review of your organization’s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded/invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by the banks,” it said.

    “Following a request by your organization through Standard Chartered Bank for CBN’s approval to convert the shareholder’s loan to preference shares, an approval-in-principle was granted vide our letter dated November 13, 2007; with the grant of final approval made subject to the fulfillment of the following conditions by your organization.”

    It said MTN’s implementation of the decision in item 5B of its board resolution dated November 08, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.

    In spite of the non-fulfillment of the above conditions, and consequently, the non-issuance of a final approval by the CBN, the apex bank claimed that MTN converted the shareholders’ loan to preference shares with Standard Charted Bank issuing new CCIs in respect of the illegal conversion.

    Also, the action of its banker in aiding your organisation in the illegal conversion of the shareholders’ loan was later described by SCB in a letter to the CBN dated December 10, 2009 as an “unintended omission”; and        On account of the illegal conversion of your shareholders’ loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015.

    CBN’s Letter to Standard Chartered bank claimed that the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006; and that the investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB) at the initial stage of the investment.

    “The CCIs issued at the time of investment by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded/invested as shareholders’ loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which revealed that $399,594,146.00 was invested as shareholders’ loan and $2,996,117.00 as equity investment, in accordance with the shareholder’s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria”.

    CBN’s letter to Stanbic-IBTC said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Diamond Bank and Citibank, out of which eight of the CCIs totaling $377,216,508.30 were transferred to your bank by Standard Chartered Bank.  Consequently, your bank repatriated the sum of $929,051,331.83 as proceeds of divestment from the CCIs valued at $42,704,408.61.

    “On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015. Your bank falsely reported thirty five CCIs valued $313,683,925.84 inappropriately as “other purchases” in your MTR 203 returns for February 2008 instead of “capital importation,” it said.

    CBN’s letter to CitiBank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation evidenced by the CCIs issued by your bank, Standard Chartered Bank and Diamond Bank.

    CBN’s letter to Diamond Bank said the shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2011 to 2006. The investment was carried out through the inflow of foreign currency cash transfer and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank and Standard Chartered Bank.

    Other findings from our investigation included that Diamond Bank issued three CCIs in favour of Dantata Investment for the sum of $5 million without converting the foreign exchange received into Naira as required by our regulations.  On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs. A further review of the CCIs also showed that no Form “M” was opened as evidence of the utilization of the FX for the importation of goods (as “Not valid for FX”) into the country.

    Diamond Bank was also accused of remitting the sum of $348,914,501.38 as dividend to MTN Nigeria Communications Limited offshore corporate shareholders without any documentary evidence of the audited account of the company to justify the basis of the payment of the dividend declared and paid by MTNN. This action was a violation of the provision of Memorandum 24(4)(b) of the Foreign Exchange Manual.

    The bank also failed to indemnify SCB for losses and/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006 among other violations.

    “Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.        Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter,” it said.

     

  • Stanbic IBTC Bank holds forum on human capital devt

    Stanbic IBTC Bank has organised a workplace banking seminar focusing on human capital development. The seminar, with the theme ‘The Future of Work and the Role of Human Capital’, attracted participants from both the public and private sectors, including Human Resources Managers, Financial Service Institutions, Insurers, Fintechs, Government Agencies, Regulators, Private Equity and Venture Capital firms, amongst other players from diverse fields.

    In his opening comments, Chief Executive, Stanbic IBTC Bank Plc, Demola Sogunle, said by settling for a theme that seeks to unravel the future of work, the organisation aims to prepare and equip its clientele for future success. Employee experience, just like customer experience, is imperative to drive corporate success. Therefore, workers must be sufficiently motivated, engaged and empowered, he stated.

    This objective underlines the numerous stakeholder engagements organised by the Stanbic IBTC Group to provide a platform to connect with clients and avail them with information to make informed decisions. As an institution designed to meet the financial needs of customers at every phase in life, Dr Sogunle said the group would continuously offer value propositions to move people and businesses forward.

    Guest speaker, Boye Ademola, noted that the whole essence of digital application is to create intrinsic value. Any technology that does not generate value is worthless. Besides, value cannot be created without commensurate talent.

    Ademola, who is Partner & Lead for Digital Transformation Technology at KPMG, stated that the future of work has three crucial dimensions: workforce, workspace and work culture. These three elements are critical to attract the millennials, who would constitute the bulk of the future workforce. Nigeria for instance, has over 90 million of its population under 30 years of age and as the population increases, they would naturally trigger change. Already, the average age of millennial CEOs is in the 30s. In meeting the demands of the future, there is the need for a paradigm shift from today’s work structure. Critical factors to drive this change include focus on value creation, agility, co-creation, co-option of millennials and appropriate operating models.

  • Stanbic IBTC declares N10.1b first half dividend

    •Net profit rises by 79%

    The board of directors of Stanbic IBTC Holdings Plc has recommended 66.7 per cent increase in interim dividend payout as the financial services holding company grew net profit by 79 per cent to N43.08 billion in the first half of 2018.

    The board of directors yesterday indicated that shareholders will receive N10.11 billion as interim dividend for the first half of 2018, representing interim dividend per share of N1 as against 60 kobo paid for the corresponding period of 2017.

    Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

    Key extracts of the audited report and accounts of Stanbic IBTC Holdings for the six-month period ended June 30, 2018 showed that gross earnings grew by 17 per cent while profit after tax jumped by 79 per cent. Gross earnings rose from N97.20 billion in first half 2017 to N114.21 billion in first half 2018. Profit before tax also leapt by 74 per cent to N50.73 billion in first half 2018 compared with N29.17 billion in the corresponding period of 2017. Profit after tax increased to N43.08 billion in 2018 as against N24.11 billion recorded in the corresponding period of 2017. Total assets closed first half 2018 at N1.37 trillion as against N1.39 trillion recorded in December 2017.

    Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, described the first half results as stellar performance noting that the bottom-line was boosted by non-interest revenue growth and recoveries from delinquent assets previously impaired.

    According to him, the company’s credit impairment line had a write back of N5.5 billion as at June 2018 as the company continues to intensify recovery efforts on previously classified loans.

    He noted that the company has been making good progress on its drive to reduce cost of funds which has reduced by more than 100 basis points, with a 15 per cent reduction in interest cost between first and second quarters of 2018.

    “We have seen significant growth in transaction volumes across our digital platforms. The volume of transactions via our mobile banking, SME internet banking, USSD platforms and ATMs have increased by over 100 per cent each year-on-year as we continued to drive non-interest income growth. Also, we kicked off the initial stage of implementing a virtual banking proposition,” Sanni said.

    He added that the group’s Africa-China Banking Center was recently launched with the aim of providing bespoke solutions and addressing the needs of business communities in both Nigeria and China while leveraging on its relationship with Standard Bank and the Industrial & Commercial Bank of China (ICBC). Stanbic IBTC Holdings is a member of Standard Bank Group.

    He assured that the group remains focused on driving long-term value for its clients and shareholders through its balanced and diversified business model.

    “We remain well-positioned to meet expected future capital requirements and growth”, Sanni stated.

    Further analysis showed that the group maintained capital adequacy levels that are significantly above the regulatory limit of 10 per cent. The group’s total capital adequacy ratio for the period closed at 27.4 per cent while the commercial banking entity had a ratio of 23.0 per cent. Group Tier 1 capital adequacy ratio stood at 23.3 per cent with the bank having 18.5 per cent). The improvement in group capital adequacy ratio to 27.4 percent from 23.5 percent in December 2017 was as a result of the significant increase in retained profit.

     

     

  • Stanbic IBTC backs IIDA, three winners get scholarship

    Stanbic IBTC Bank is one of the supporters of this year’s search for heroic children in the Indomie Independence Day Award (IIDA) which has ended. Dufil Prima Foods, organizser of the event, disclosed its plan to reward three winners (one from each award category) with educational scholarship worth millions of naira. The event attracted over 400 spectacular stories across the country.

    The IIDA event is an annual Corporate Social Responsibility (CSR) activity organised every October by Dufil Prima Foods, makers of Indomie Instant Noodles, to identify, celebrate and reward Nigerian children for their unique acts of   bravery in three categories: Physical Bravery, Intellectual Bravery and Social Bravery. The 2018 edition of the award was also supported by TVC Communications.

    During the search, two independent research agencies – Marks Analytics & Research Services Ltd and BanahGrace Research Agency¬ were engaged to thoroughly comb the country and search out outstanding young heroes for recognition. The field search exercise, which lasted for over eight weeks, took place majorly in 12 states: Lagos, Ondo, Rivers, Edo, Akwa-Ibom, Imo, Abia, Kano, Kaduna, Abuja, Jos and Benue states.

    While it lasted, the search exercise explored various locations in the country to gather and verify stories about heroic children who are 15 years and below. In the course of the search exercise, many heroic acts were discovered and picked by the search agencies.

    Commenting on the outcome, the Group Public Relations and Events Manager, Dufil Prima Foods, Tope Ashiwaju, commended the diligence that went into the search process, noting “Dufil Prima Foods appreciates the energy that went into the search and the great interest that we received from members of the public”.

    Ashiwaju explained that, “Now  that the search has ended, we are moving  into  the  next  phase  of  the  award, which is  the verification and simulation of the stories while the judges sitting to pick the best stories from the many heroic stories we have received will follow afterwards. In the last decade, Dufil Prima Foods has consistently and continuously celebrated and rewarded heroic children. So far, a total of 37 children who displayed courage despite dangers and personal injury to themselves have been rewarded. In this year’s award, we are adding three nominees to that number and we are not leaving anyone behind. Every deserving child from every social economic class across Nigeria is being considered from the received stories for the award.”

    On her part, Principal Consultant, BanahGrace, one of the Independent Research Agencies tasked with the IIDA 2018 exercise, Abiola Olanipekun, said the said process was thorough, adding that the exercise dug up over 400 heroic stories. “We used a fine comb to thoroughly search out these heroes. Aligning with the quality control process at every stage, stories that were not credible or did not meet the set criteria were dropped. At the end, both agencies got over 400 true and verifiable heroic stories. Our search revealed that several Nigerian children are doing amazing things. And there is no better platform to recognise them than through IIDA”, Olanipekun said.

    Also speaking on the search exercise, Managing Partner/Principal Consultant of Mark Analytics & Research Services, Magnus Adiele, said serious efforts were made to verify every story with eye witnesses and other available records.

     

     

     

     

  • Stanbic IBTC Holdings lists 64.21m scrip shares

    Stanbic IBTC Holdings Plc has listed about 64.21 million ordinary shares of 50 kobo each to raise its total outstanding shares to about 10.114 billion ordinary shares of 50 kobo each at the weekend.

    The supplementary shares were due to the scrip dividend scheme offered by the holding company to eligible shareholders who elected to receive new ordinary shares in lieu of 50 kobo cash dividend declared for the business year ended December 31, 2017.

    Under a resolution passed at its extraordinary general meeting in August 2016, shareholders of Stanbic IBTC Holdings may choose to receive dividends declared by the company, up to year 2020, either in cash or as new ordinary shares in the company.

    The holding company had in 2017 listed 49.466 million ordinary shares of 50 kobo each in the names of shareholders that elected to receive shares in exchange for the 5.0 kobo final dividend declared for the year ended December 31, 2016 as well as the 60 kobo interim dividend declared for the period ended June 30, 2017.

    Stanbic IBTC had in 2012 adopted a holding company structure in line with the new banking regulatory regime of the Central Bank of Nigeria (CBN). Under the structure, the subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Ventures Limited and Stanbic IBTC Investments Ltd. Stanbic IBTC Nominees Nigeria Limited and Stanbic IBTC Bureau de Change Limited are the only subsidiaries of Stanbic IBTC Bank.

  • Stanbic IBTC wins awards

    Stanbic IBTC has won     five of nine awards at the HR People Magazine Awards 2018 held in Lagos.

    The five awards won by the bank are Best Training, Learning & Development Strategy 2017; Outstanding Employee Engagement Strategy 2017; Employer of Choice 2017 (large corporates category); HR Manager of the Year 2017; and HR Champion of the Year 2017 (awarded to the Group Chief Executive for outstanding commitment to growing people at the organization).

    Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, stated that winning five awards is testament to Stanbic IBTC’s strategy of growing a responsible, disciplined, and highly productive workforce.

    According to Sanni, the awards are a testament to Stanbic IBTC’s continuous investments in its human capital and the establishment of people-friendly procedures and practices, as well as a professional but friendly work environment.

     

  • Stanbic IBTC enlightens contributors on Multi Fund structure

    The pension industry multi fund investment structure, which took effect from July 1 dominated discussion at a pre-retirement seminar organised by Stanbic IBTC Pension Managers Limited in Lagos.

    Stanbicibtc IBTC Pension, one of the leading Pension Fund Administrator (PFA) in the country, provided deeper insights into the workings of the scheme.

    Its Chief Executive Officer, Eric Fajemisin, who spoke at the event, said the new structure has replaced the previous “one-size-fits-all” arrangement, which put all active contributors into one Retirement Savings Account (RSA) Fund for purposes of investment.

    He said the new structure would resolve the challenge of asset-liability risk management faced by the operators.

    By aligning the age and risk profile of RSA holders to match the four funds under the scheme, contributors, he noted, would have a better chance to earn improved returns on their investments in proportion to their risk appetites.

    The different categories of the multifunds structure are Fund 1, Fund 2, Fund 3 and Fund 4.

    He explained that Fund I is targeted at people of 49 years and below, who in the quest for higher returns are willing to take more risks.

    Fund 2, he said, is aimed at people, who are aged 49 years and below and still working, but are satisfied with moderate returns and levels of risks, while Fund 3 targets people of 50 years and above, but still working and have very low risk appetite. In Fund 4 are retirees, who have the lowest risk profile of all categories.

     

    He said: “Although an individual may be retired, his or her money should continue to work for the person. As today’s people live much longer and enjoy healthier lives, meaning that the time spent in retirement is much longer, there is the need to plan for a comfortable life in retirement.

    “Planning for retirement, he said, should commence from the first day an individual starts working. This decision may seem disheartening at the onset, but with the help of an experienced pension professional, the process is made easy. As retirement approaches, the individual will not encounter the usual apprehension associated with retirement from work.

     

  • Stanbic IBTC lifts brand essence with new campaign

    Stanbic IBTC Holdings Plc is using a new campaign to validate its depth and far-reaching scope in service delivery.

    The new brand campaign reinforces the brand focus that it enables ‘you to be’ and ‘be all you can be’.

    According to the bank, the campaign will run on radio, television, press, outdoor, advertising, and digital, among other channels of communication.

    It exposes the main business pillars on which the Stanbic IBTC brand stands – a full service financial institution with a clear focus on Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

    Launched on June in Lagos, the brand campaign comes against the backdrop of the sixth anniversary of Stanbic IBTC’s adoption of a holding company structure in line with the Central Bank of Nigeria’s directive for separation of core commercial banking activities from other financial activities such as stockbrokerage, asset management and pension, among others.

    The campaign catalogues Stanbic IBTC’s customer segment from cradle to estate management. This means, babies, youths and adults, so there is something for everyone. It also restates its commitment to supporting people of all walks of life to accomplishing their goals. It is based on insights from market research on customer expectations which has become particularly imperative as the group continues to expand its offerings across the financial services landscape.

    Speaking in Lagos, Chief Executive of Stanbic IBTC Holdings Plc, Yinka Sanni, said “the pivotal message here is first and foremost that of appreciation, encouragement and guarantee for our esteemed customers that we are their partner at every stage through life’s journey, to make progress real by enabling people and businesses.”

    He noted that enormous improvements have been made across the businesses in terms of product and service offerings, access channels and customer care, as well as innovation and technological application.

  • Award for Stanbic IBTC

    Stanbic IBTC Bank has been named the “Best Sub-Custodian” in Nigeria for the year by Global Finance magazine.

    The London-based Global Finance magazine, organiser of the awards, announced winners for the 16th World’s Best Sub-custodian Banks following selection from across seven global regions and more than 80 countries.

    The latest win makes it the eighth time in a row that Stanbic IBTC Bank will be adjudged the best in the country, in recognition of its leadership in the sector.

    Stanbic IBTC Bank Chief Executive, Demola Sogunle, said winning the award consistently for the last eight years reinforces the bank’s strong management, systems and innovative solutions, and its leadership of Nigeria’s custody sector.

    “We are delighted to be recognised for the eighth time as the best provider of custody services in Nigeria. It is a demonstration of our strength in terms of our management, systems and solutions. This award will energise us to continue to provide unparalleled services to our customers as we raise the bar in the provision of investor services,” Sogunle said.

    According to him, the need for excellent custody services in Nigeria remains strong, driven by the impetus in cross-border investment activities and Stanbic IBTC Bank is well positioned to provide such services.

    The yearly award, instituted 16 years ago, recognises the pivotal role sub-custodians play in business and investment activities through the safekeeping of clients’ assets, such as bonds, stocks and treasury bills. Winners are selected by Global Finance magazine’s editors and reporters, with input from expert sources, from among institutions that reliably provide the best custody services in local markets, regions and to global custodians.

    The criteria used, according to Global Finance, included technology platforms, competitive pricing, customer relations, smooth handling of exception items, technology platforms, quality of service, post-settlement operations, business continuity plans and knowledge of local regulations and practices. Global Finance said it also obtained input from users of sub-custody services. Performance was judged over the period covering January 1 through last December 31.

    Publisher and Editorial Director Global Finance, Joseph Giarraputo noted as custodians deal with increased liability from new regulatory requirements, they are seeking the safest and best sub-custodians with whom to entrust client assets.

    “With these awards, we recognize those sub-custodians that do the best job of meeting their clients’ needs in increasingly complex markets,” Giarraputo stated.

    Stanbic IBTC Nominees Limited Chief Executive Akeem Oyewale, said the company will not rest on its oars in delivering value to customers as well as prospects.

    He noted that Stanbic IBTC Nominees, a wholly-owned subsidiary of Stanbic IBTC Bank Plc, which holds custodial assets on behalf of clients of Stanbic IBTC Bank, will continue to leverage the expertise, technology and experience of Standard Bank Group, to which Stanbic IBTC belongs, to deliver sustainable shareholder value by serving the needs of its clientele.

    Oyewale pointed out that the three subsidiaries within Standard Bank Group were selected as Best Sub-custodian Banks for their  countries, namely Nigeria, Namibia and Mozambique.