Atedo Peterside, the founder of Stanbic IBTC Bank, has shared an inspirational image of himself and colleagues of the founding days of the bank as he celebrates 33 years of its establishment.
Mr Peterside took to his Twitter page to share an image of the day he founded the bank while celebrating the 33 years of the bank’s existence. The image was followed with an inspirational caption as he stated,
“Exactly 33 years ago, IBTC now @StanbicIBTC was founded when I was 33 years old. That was on 02 February, 1989. Today, 33 years later I thank God for the lives of all those who played a part in building this great institution and in making it possible for me to look back 33 years.”
Stanbic IBTC which employs over 4000 people has grown and expanded from a small bank to one of the largest commercial banks in Nigeria. From its inception in 1989 up until 2005, it ran as an investment bank with Mr Atedo Peterside as Chief Executive Officer.
However, in 2005 the central bank announced its recapitalization program for all commercial banks meaning that all commercial banks had to have N25 billion in their capital base. As a result of this announcement, Stanbic Bank Nigerian limited merged with Investment Banking and Trust Company (IBTC) and rose to a total asset base of N125 billion and listed on the Nigerian Stock Exchange. After the merger, the bank was renamed, Stanbic IBTC Bank.
The commercial bank became a part of Stanbic IBTC Holdings which has other member companies such as Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Brokers, Stanbic IBTC Insurance Limited, and Stanbic IBTC Nominees.