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| IBTC Chartered Bank Shareholders Approve Name Change |
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| Wednesday, 12 December 2007 | ||||||||||||||||||||||||||||||||||||||||||
      L-R: Mr Sam Oluyinde, Director; Mrs Sola David-Borha, Managing Director and Mr Atedo Peterside (OON), Chairman, all of the new Stanbic IBTC Chartered Bank Plc at the Extra-Ordinary General Meeting of the bank at Lagoon Restaurant, Lagos. Commenting on the name change, Mrs Sola David-Borha, Managing Director of the bank said “it is to fuse the local benefits of IBTC Chartered Bank with the international connections of Stanbic Bank so that the new Stanbic IBTC Bank Plc can reap the gains in it. Stanbic is a strong international brand name in Africa that’s synonymous with best banking practice. The coming together of IBTC Chartered Bank Plc and Stanbic Bank to form Stanbic IBTC Bank Nigeria Plc marks a new phase in the development of financial services in this country. The enlarged bank will have the full financial and professional backing of the Standard Bank Group, Africa’s leading banking and financial services group”, she added. The meeting also approved that the share premium that arose because of the share exchange during the merger should be written off. This was based on a valuation certified by PriceWaterhouseCoopers, the bank’s auditors. The realized sum will now be used to create a Special Reserve Account for the purpose of writing-off the goodwill premium created during the merger of the two banks. The shareholders further authorized the Directors of the Bank to use the Special Reserve Account to write-off the outstanding goodwill over such period as may be considered appropriate by the Directors. In his speech at the EGM, the new Chairman of the bank, Mr Atedo Peterside, praised the shareholders for their immense support. He specifically thanked them for their acceptance of the tender offer by Stanbic Bank which made the merger possible. He said that the new Stanbic IBTC Bank Plc will deliver the world-class services for which both banks were known. “The new Stanbic IBTC Bank Plc remains committed to rendering the best banking services to Nigerians. It will also deliver increased profits to its shareholders to justify their confidence”, he added. Standard Bank, which is renowned for its track record of banking excellence, operates in 18 African countries. The bank’s commitment to the local economies it serves is evident in its growth strategy - expansion through local partnerships. Standard Bank already has over 4000 ATM’s, 1500 branches and over 40,000 staff members across the continent. Ranked as Africa’s leading bank by tier 1 capital, with total assets of over $100 billion, and with almost 150 years of banking experience under its wings; the Standard Bank Group is bringing a higher level of banking service to the Nigerian banking sector. The new Stanbic IBTC Bank Plc is the result of a successful Tender Offer process, the first of its kind in Nigeria’s capital market, by Stanbic Bank with which it procured a 50.1% controlling stake in IBTC Chartered Bank Plc.  Quote this article on your site | Print | E-mail
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| Last Updated ( Wednesday, 12 December 2007 ) | ||||||||||||||||||||||||||||||||||||||||||
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