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.
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