Stanbic IBTC Holdings Plc has disclosed that its Banking subsidiary, Stanbic IBTC Bank has ceased to be a public company.
This was contained in the Group’s notice the Nigeria Exchange Limited and the Investing Public seen by Nairmetrics.
The development follows the re-registration of the banking subsidiary as a Private Limited Liability Company.
- The statement reads: “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 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 Group noted that the re-registration would however ensure the proper alignment of the Bank’s entity status and eliminate the existing brand confusion as many investors and members of the public hitherto referred to the Bank as the listed entity and not Stanbic IBTC Holdings Plc.
The statement signed by Chidi Okezie, Company Secretary stated that it is important to note that the Bank 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 noted.
The Group closed its last trading day (Tuesday, October 31, 2023) at N75.00 per share on the Nigerian Stock Exchange (NGX), recording a 1.4% gain over its previous closing price of N74.00.
Stanbic IBTC began the year with a share price of N33.45 and has since gained 124% on the price valuation.
What is then the implications of this.?