Business
Stanbic IBTC Bank ceases to be a public company
Stanbic IBTC Bank exits the public markets.
The banking subsidiary of Stanbic IBTC Holdings Plc, Stanbic IBTC Bank, has ceased to be a publicly traded company, the company has disclosed.
The group sent this notice to the investing public and Nigeria Exchange Limited, as Omonaijablog saw fit.
NewsReport, which gathered that the development follows the re-registration of the banking subsidiary as a private limited liability company,
The statement reads: “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 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”.
The Group noted that 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 have hitherto referred to the bank as the listed entity and not Stanbic IBTC Holdings Plc.
The statement signed by Chidi Okezie, Company Secretary, stated that 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 as a private company.
“The change will also not impact the bank’s existing relationships, contractual agreements, or any ongoing regulatory obligations,” it noted. The group closed its last trading day (Tuesday, October 31, 2023) at N75.00 per share on the Nigerian Stock Exchange (NGX), recording a 1.4% gain over its previous closing price of N74.00. Stanbic IBTC began the year with a share price of N33.45 and has since gained 124% on the price valuation.
