Stanbic IBTC Holdings Plc (“Stanbic IBTC” or “the Company”) announced that it has obtained all required Regulatory Approvals, in a bid to complement and diversify its range of product offerings.
This includes a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary to be referred to as Stanbic IBTC Insurance Limited (“SIIL”).
The notification was revealed today through a press release, signed by the Bank’s Secretary, Chidi Okezie, and sent to the Nigerian Stock Exchange market today.
What you should know
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with major business focus on three pillars – Corporate and Investment Banking, Personal and Business Banking, and Wealth Management.
Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.
The largest shareholder of the Group is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.
Why this matters
The recent corporate action by the bank is aimed towards diversifying the service offerings by the bank and advancing its frontiers as A leading end-to-end financial solutions provider in Nigeria.
In lieu of this, Stanbic IBTC Insurance Limited aims to provide insurance for financially included individuals and become the preferred insurer in the Life Insurance Business.