CEM REPORT, FINANCE | In a move to create brand distinction amongst investors and members of the public, Stanbic IBTC Bank has been delisted from the Nigeria Exchange as a public company.
According to a press release by its mother company Stanbic IBTC Holdings Plc said the Bank – Stanbic IBTC has received all required regulatory and shareholders’ approvals for re-registration as a private company limited by shares.
The release seen by CEM, reveals that 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”.
“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 today, 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 notice signed by Chidi Okezie, the Company’s Secretary, noted that the move would ensure proper alignment of the Bank’s entity status and eliminate the existing brand confusion. It noted that many investors and members of the public hitherto referred to the Bank as the listed entity and not Stanbic IBTC Holdings PLC.
It further noted that Stanbic IBTC Bank Limited 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.
Stanbic IBTC began the year with a share price of N33.45 and has since gained 124% on the price valuation.