Stanbic IBTC Holdings Plc has disclosed that its Banking subsidiary, Stanbic IBTC Bank has ceased to be a public company.
This was contained in the Group’s notice to the Nigeria Exchange Limited and the Investing Public, signed by Chidi Okezie, Company Secretary.
The development follows the re-registration of the banking subsidiary as a Private Limited Liability Company.
“Stanbic IBTC Holdings Plc hereby notifies the Nigeria Exchange Limited and the Investing Public that following the receipt of all required regulatory and shareholders’ approvals, 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.
“Accordingly, with effect from 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 statement reads.
According to the Group, the re-registration would 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.
The statement pointed out 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,” it added.