After Renaming its Fintech, Stanbic IBTC Restructures Into Private Liability Company
- Stanbic IBTC has restructured its banking arm into a private company limited by shares
- The company announced that it has received all the required approvals for the transition
- The financial holding company said the move is to eliminate brand confusion regarding its name
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Stanbic IBTC Holding Plc has announced that its banking arm, Stanbic IBTC Bank, has been re-registered as a private company limited by shares.
The company announced in a corporate notice filed with the Nigerian Exchange Limited on Tuesday, October 31, 2023.
Source: Getty Images
The new change becomes effective October 31, 2023
The notice by the Company's Secretary, Chidi Okezie, showed the bank had received all the required approvals from the CBN and shareholders for the transition of the subsidiary from a public company limited by shares.
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It stated in its notice that with effect from October 31, 2023, it has ceased to be a public company and shall be referred to by its new name 'Stanbic IBTC Bank Limited.'
The bank revealed that it remains a wholly owned subsidiary of the parent company and that no change of ownership, shareholding structure, or business objects will occur by its re-registration,
Punch reports that the holding company said the re-registration would ensure proper alignment of the bank's entity and stop brand confusion. Many stakeholders continued to refer to it as the listed entity, not the IBTC Holdings Plc.
The notice also revealed that a non-executive director, Yinka Sanni, has resigned from the Board of Stanbic IBTC Holdings Plc immediately as of Tuesday, October 31, 2023.
Non-executive Director of bank resigns
TheCable reports that the company's secretary revealed Sanni's resignation from the board aligns with the Corporate Guidelines of the Central Bank of Nigeria on the composition of the Board of Financial Holding Companies.
The notice said Sanni will continue to serve as the Chairman of the newly restructured Stanbic IBTC Bank Limited.
Stanbic IBTC renames fintech subsidiary
Recall that the holding company recently renamed its fintech subsidiary to reposition it for effectiveness.
The subsidiary, formerly known as Stanbic IBTC Financial Services Limited, is now called ZEST Payments Limited (ZEST).
ZEST will now challenge other fintech, such as OPay, Kuda, and Moniepoint, for market share.
The rebranding was disclosed in a press release signed by the Company's Secretary, Chidi Okezie, and published on the Nigeria Exchange.
According to Stanbic IBTC, the decision to change the name was driven by the desire to mirror the company's developing vision and brand image.
"Who Wins?": Stanbic IBTC, Wema, GTB, others lead battle against Opay, Kuda bank with fintech subsidiaries
Legit.ng reported that a rising number of Nigeria’s big banks are entering the financial technology space, thereby tightening the fintech space for entrenched players in the industry.
In 2017, when fintech firms became threats and primary disruptors in the financial services ecosystem, it was thought they would battle the big banks to the ground.
But the big banks are pulling their weight and taking the fight to the fintech firms.
Source: Legit.ng
