Stanbic IBTC Holdings PLC has announced the successful conclusion of its N148.7 billion Rights Issue, which was oversubscribed by an impressive 21.9%, attracting a total of N181.4 billion from shareholders. The recapitalisation exercise, aimed at strengthening the company’s capital base and supporting future growth, has resulted in the injection of N140 billion into Stanbic IBTC Bank, the group’s banking subsidiary.
Commenting on the milestone, Acting Chief Executive of Stanbic IBTC Holdings PLC, Dr. Kunle Adedeji, expressed appreciation to stakeholders and regulators for their support throughout the process. He disclosed that the Rights Issue was completed following verification by the Central Bank of Nigeria (CBN) and final clearance by the Securities and Exchange Commission (SEC).
“Our shareholders’ interest shows the confidence they continue to have in the brand,” said Dr. Adedeji. “We appreciate the support of the Central Bank of Nigeria, the Securities and Exchange Commission, the Lead Issuing House, Joint Issuing Houses, and other stakeholders in the successful completion of this recapitalisation exercise.”
He added that the fresh capital injection positions Stanbic IBTC to explore new growth opportunities and deliver long-term value to shareholders. “We are optimistic about future opportunities, and this injection of new capital will enable us to take advantage of them. To all shareholders, we are grateful for your unwavering belief in the Stanbic IBTC brand and your willingness to continue this journey with us,” he concluded.
Following the capital infusion, Chief Executive of Stanbic IBTC Bank, Mr. Wole Adeniyi, noted that the development would significantly enhance the bank’s operational capacity. “The injection of the new capital into the banking subsidiary is a positive development. It will enable the bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL),” he stated.
Adeniyi also acknowledged the collaborative efforts of stakeholders in achieving the successful outcome. “We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support,” he said.
The successful rights issue marks a key step in Stanbic IBTC’s capital growth strategy as it aligns with regulatory expectations and prepares for future expansion across Nigeria’s financial landscape.
About Stanbic IBTC Holdings PLC
Stanbic IBTC Holdings is a member of Standard Bank Group. Standard Bank Group is Africa’s largest banking group ranked by assets and has been in business for over 162 years.
With a controlling stake of 68.46% in Stanbic IBTC Holdings PLC, Standard Bank Group employs over 50,000 people (including Liberty) worldwide; operates in 20 African countries including South Africa and has operations in five key financial centres outside Africa, including London, Sao Paulo, Dubai, New York, and Beijing.
Stanbic IBTC Holdings’ strategy is to position itself as the leading end-to-end financial services solutions provider in Nigeria. The Group offers expert services in four business segments – Personal and Private Banking, Insurance and Asset Management, Business & Commercial Banking and Corporate and Investment Banking.
With a team of experienced and customer-focused staff, Stanbic IBTC offers services which include specialised finance, trade finance, stockbroking, trustee services, global markets, custodial services, foreign exchange, asset and pension management, insurance brokerage, life insurance, lending, savings, and investment products.
More information can be found at https://www.stanbicibtc.com/