Posted by By SEUN ADESIDA on
Stanbic IBTC Bank on Monday launched its new name and logo signaling the successful conclusion of the merger of Stanbic Bank (Nigeria) Limited, a member of the Standard Bank Group of South Africa Limited and the IBTC Chartered Bank Plc.
Stanbic IBTC Bank on Monday launched its new name and logo signaling the successful conclusion of the merger of Stanbic Bank (Nigeria) Limited, a member of the Standard Bank Group of South Africa Limited and the IBTC Chartered Bank Plc.
Standard Bank had, in August 2007, secured 50.1 per cent shareholding of IBTC Chartered Bank through the merger of the two banks and a tender offer, which resulted in the Standard Bank Group having a total estimated $640 million investment in the country and the commencement of the re-branding of the merged entities to reflect the majority ownership of the bank.
Stanbic IBTC Bank chairman and founder of the former IBTC Chartered Bank, Mr Atedo Peterside, noted that the coming together of the two established brands under one brand symbolized a significant step in the evolution of banking in Nigeria.
'While Stanbic IBTC Bank is the new name and the new brand identity, the merger was between two established and highly regarded banks. Therefore we believe customers and staff will experience, first hand, the benefits of being part of a pan-African bank with a global network and expertise.
This represents a new turn for banking in Nigeria. We have an excellent corporate and investment banking franchise in Nigeria already and bringing on Standard Bank's global footprint can only benefit our customers. On the personal and business banking side, the experience of Standard Bank, Africa's largest bank, is crucial in bringing new and exciting products to Nigerian customers," Peterside said.
The new entity has a capital base in excess of N60 billion, exceeding the N25 billion capital requirement by the Central Bank of Nigeria (CBN) and making it one of the largest banks in Nigeria with branches across the country.
The Standard Bank Group has over US $125 billion global asset base of shareholder funds, which recently received a boost from the Industrial Commercial Bank of China (ICBC), which secured a 20 per cent holding in the Standard Bank Group.
'We are very excited to finally launch as a single brand to the market, and tangibly demonstrate the benefits of being a strong Nigerian bank with international muscle and expertise, from which our customers and shareholders will benefit significantly," said Chris Newson, Chief Executive Officer, Stanbic IBTC Bank.
'Our aim is to ensure that our customers are at the centre of our business, reaping the rewards of our combined strength. The more we know of our customers the better we are positioned to service their needs. We intend to focus on real service delivery to all our customers. We want to listen to them and truly understand what they want.
'Furthermore, our most valued asset, our staff, are now exposed to a global range of professional and personal development opportunities that will enable them to sharpen their skills in order to improve delivery to our customers. We will encourage our staff exposure to these opportunities while focusing on their wellness."
Newson added that Stanbic IBTC Bank is committed to contributing towards the development of Nigeria's economy as demonstrated by Standard Bank's significant investment in Nigeria, adding, 'the size and scale of our investment into the country is a clear sign of our long term commitment to Nigeria."
'The merger of these two banks into a single Stanbic IBTC brand should ensure that we and our customers are well placed to take advantage of the favourable economic environment in Nigeria and the rest of the continent."