Stanbic IBTC @ 30: Trailblazer In Innovative Financial Products and Services
Stanbic IBTC, a member of the Standard Bank Group which has been in operation for over 155 years, is celebrating 30 years of providing quality financial services to its clients. The company has grown from its early days as a merchant bank to become the leading end-to-end financial services provider in the country, with a balance sheet size close to N2 trillion and a market capitalisation valued at approximately N500 billion in December 2018.
In 30 years, Stanbic IBTC has built a culture of excellence in providing its clients with innovative financial products and services as well as contributing to the attainment of the developmental aspirations of the country. Today, many of its subsidiaries are market leaders in their segments; these include Stanbic IBTC Bank PLC, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital, and Stanbic IBTC Nominees.
“It gives me immense pride celebrating this milestone with the Stanbic IBTC family, our clients, who have believed in us and entrusted us with their financial needs all these years, our partners, shareholders, and Nigerians. We have come a long way since 1989 when the business was started in Lagos to having a strong presence in the 36 states and Abuja and becoming part of a multinational concern and one of the top seven most capitalised companies on the Nigerian Stock Exchange,” Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, said. “We are indeed very excited about our future prospects, the economic and environmental challenges notwithstanding, as we continue to work with our clients to provide relevant and top quality financial solutions aimed at enabling real growth for individuals and businesses,” Sanni added.
The financial services institution has experienced several transformations in its 30-year history. Investment Banking & Trust Company Limited (IBTC) was incorporated on 02 February, 1989 as a merchant bank. Following the introduction of universal banking and a regulatory requirement for financial institutions to have a N25 billion minimum capital base, IBTC merged with Chartered Bank PLC and Regent Bank PLC in 2005 to become IBTC Chartered Bank PLC, which effectively transformed it into a universal bank. Two years later in 2007, IBTC Chartered Bank PLC merged with Stanbic Bank Nigeria Limited, the Nigerian subsidiary of Standard Bank of South Africa, to become Stanbic IBTC Bank PLC. The reforms in the Nigerian financial system, which led to the review of the Universal Banking Policy of the CBN and the introduction of a holding company model, led to the adoption of a HoldCo structure by Stanbic IBTC in 2012 to retain its non-core banking businesses.
“We remain committed to operating at the highest level of corporate governance standards while delivering sustainable long-term value to clients and other stakeholders through world-class innovative operations and our customer-centric approach,”
Stanbic IBTC is the only triple A rated financial institution in the country, which reflects its financial strength, strong leadership and heritage. Four of its subsidiaries are ISO certified, a mark of consistent quality in service delivery. It has also continued to burnish its image as a good corporate citizen with a robust corporate social investment policy. Its flagship CSI initiative, +Together4ALimb, continues to provide prostheses, healthcare and education to children from disadvantaged areas of the society.
“We remain committed to operating at the highest level of corporate governance standards while delivering sustainable long-term value to clients and other stakeholders through world-class innovative operations and our customer-centric approach,” Sanni assured. According to the chief executive, the Group’s achievements are an indication that its strategy is delivering on set goals and objectives. He assured that the organisation will continue to invest in its people, processes, and its communities to ensure business sustainability.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is an end to end financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets. It is rooted in Africa with strategic representation in 20 countries, including South Africa, on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
Corporate Social Investment
In the area of its corporate social investment policy, Stanbic IBTC’s approach to CSI is two-pronged: first, its core group CSI initiatives under which its signature CSI falls, and the encouragement of staff CSI volunteerism or departmental activations. “At Stanbic IBTC, our vision recognizes that our people are our most important asset, which makes it imperative to inspire and engage employees in ongoing CSI efforts to make a meaningful impact,” Sanni said. According to him, “Through staff CSI volunteerism or contribution alone, we have invested over N100 million towards various charitable causes under the health, education and economic empowerment portfolios year-to-date.” These causes are focused on the three core CSI pillars of Stanbic IBTC, which are Education, Health and Economic Empowerment.
Stanbic IBTC’s signature CSI, tagged Together4ALimb, although is health related, has an education element to it. It focuses on transforming the lives of indigent children suffering limb losses, either through accidents, mismanaged injuries or congenital issues/birth defects. Such children are offered prostheses and educational trust funds by Stanbic IBTC, effectively addressing both their health and education needs. An important aspect of the signature CSI is the charity walk, organized yearly to raise awareness for the plight and, hopefully, encourage deliberate actions by government, policymakers, and the general public to address the problem.
Indeed, by focusing on the provision of prostheses, Stanbic IBTC had touched on a profound area of need and is able to address its three CSI pillars in one fell swoop. By committing to provide artificial limbs for beneficiaries until they are 18 years effectively takes care of their all-round healthcare needs. Stanbic IBTC equally opened a N1.5 million education trust fund for each of the children fitted with prostheses, thus providing them with access to quality education.
By addressing the children’s healthcare and educational needs, Stanbic IBTC has greatly reduced the financial burdens on the parents, which will help empower them economically. “We feel particularly passionately about this initiative knowing that we are able to take off the burden from parents, and we will change the prostheses regularly until the children are 18. Our long term goal is to help these children reach their possible potential,” Sanni added.
The imperative of yearly charity walk by Stanbic IBTC is to help raise awareness about the need to support the vulnerable in society, the indigents and the youth, particularly limbless children who are often stigmatized.
By contributing to creating awareness of the plight, Stanbic IBTC envisages a better understanding of the condition, the causes, management and even preventative initiatives by both individuals and governments.
Staff members are encouraged to come together in groups to raise funds to address a cause each group is passionate about. Staff have in the past donated libraries, classrooms, and health facilities, amongst other interventions. In October 2017, for instance, a group of staff donated a block of six classrooms to the National Orthopaedic Special School, Igbobi, Lagos.
Subsidiaries of Stanbic IBTC Holdings PLC
It is interesting to note that Stanbic IBTC Holdings PLC, has grown from one stage to the other over the years. Today, it is an amalgam of many subsidiaries who are market leaders in their subsectors. All these subsidiaries are designed to align product development and service delivery.
Stanbic IBTC Bank PLC
Stanbic IBTC Bank PLC is a major financial service provider engaged in personal banking, business banking, credit cards, corporate banking and wealth and investment banking through over 180 branches spread across every state in Nigeria including its online banking platforms. The Bank also offers all its clients a wide range of personal and commercial banking products.
It offers current, savings, and domiciliary accounts; personal loans, vehicle and asset finance; MasterCard debit cards, Visa credit cards; home loans; internet banking; small and medium scale enterprise (SME) loans and *909# MobileMoney.
Essentially, StanbicIBTC Bank PLC caters for both individuals and businesses through carefully designed retail and business banking products. It also offers self-service channels powered by sophisticated technology to bring convenient banking to customers.
Clearly, the Bank is a key player in financial inclusion and is poised to take banking to the doorsteps of its customers; taking care of the banking needs of different categories of persons and businesses.
It will be recalled that Stanbic IBTC Bank legally became part of Standard Bank Group on 24th August 2007. The Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC.
Stanbic IBTC Pension Managers Limited (SIPML)
Stanbic IBTC Pension Managers Limited is a licensed Pension Fund Administrator (PFA) and is the leading PFA in the country. The company has over one million individual retirement savings accounts and the value of assets under management is in excess of N700 billion.
The pension managers deliver quality pension fund administration and management services to both private and public-sector employees covered by the Pension Reform Act 2004. The company has a rich heritage derived from the Group’s extensive and proven track record in money management and long-held values of protection and enhancement of customers’ wealth.
Incorporated on 19 May 2004, Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings PLC (a member of the Standard Bank Group) and enjoys a rich heritage derived from the Group’s extensive and proven track record in money management and long-held values of protection and enhancement of customers’ wealth.
Stanbic IBTC Pension Managers Limited has an authorized and paid-up capital of N1 billion, in line with the minimum requirement of N1 billion. The company is a joint venture between Stanbic IBTC Holdings PLC and Linkage Assurance PLC. Stanbic IBTC Pension Managers Limited is 88.24% owned and managed by the Stanbic IBTC Group. The combined net worth of the company’s shareholders is over N160 billion.
Stanbic IBTC Pension Managers Limited is easily accessible at over 217 locations nationwide. Its core values include serving our customers, growing our people, delivering to our stakeholders, being proactive, working in teams, constantly raising the bar, respecting each other, upholding the highest levels of integrity.
StanbicIBTC Pension Managers entire business model is based on trust and integrity as perceived by its stakeholders, especially the customers.
Stanbic IBTC Asset Management Limited (SIAML)
Stanbic IBTC Asset Management Limited is an asset management subsidiary of Stanbic IBTC Holdings. Incorporated in 1992, it is licensed as a fund manager and investment adviser and has grown to become a leading asset manager in Nigeria with several billions of naira in funds under management for both retail and institutions.
Stanbic IBTC Asset Management Limited (SIAML) is the leading non-pension asset manager in Nigeria and is committed to being the best wealth solutions provider in Nigeria. SIAML seeks to achieve this by ensuring safety of funds, delivering competitive risk adjusted returns and providing consistent top quality service through innovative and customer focused people.
SIAML demonstrates a deep knowledge and understanding of regulatory rules and principles undergirding its industry particularly the Investment and Securities Act 2007 which is enforced by the Securities and Exchange Commission and has established systems and processes in place to ensure compliance.
SIAML’s Management is committed to top quality and the continual improvement of the systems and processes for delivering value to all its stakeholders.
Through dint of hard work and tireless dedication Stanbic IBTC Asset Management Limited won World Finance, Best Investment Management Company in Nigeria 2013, This Day Fund Manager of the year 2005.
Stanbic IBTC Stockbrokers Limited (SISL)
Stanbic IBTC Stockbrokers Limited (SISL) is a wholly-owned subsidiary of Stanbic IBTC Holdings Plc, and a member of The Standard Bank Group set up to provide world class stockbroking services to local as well as foreign investors in the Nigerian Capital Market.
Stanbic IBTC Stockbrokers Limited is a member of The Nigerian Stock Exchange (NSE) and is licensed by the Securities and Exchange Commission (SEC) in Nigeria.
It is the largest stockbroking house in Nigeria with a market share of over 18.70% of the value of shares traded on the floor of the Nigerian Stock Exchange in year 2013 trading results. The organization has also successfully acted as the stockbroker to major primary market transactions in Nigeria. In 2018, 32. Central Securities Clearing System (CSCS) awarded StanbicIBTC Stockbrokers Limited Stockbroker of the Year 2018 in Nigeria.
Some of the services the organization render include: Timely and Efficient execution of mandates, Online access to client’s stockbroking account both in-house and with CSCS Share Registration services which include: Share Certificate Management, Dividend Management, Transmission of Shares, Handling of Registrars related issues, Dedicated client services personnel available to attend promptly to enquiries and proffer satisfactory resolution of issues.
Stanbic IBTC Capital Limited (SICL)
Stanbic IBTC Capital Limited (SICL) provides highly versatile public and private debt solutions. This is achieved through issuing bonds, money market instruments or one of its derivatives. Its expertise in structuring solutions customised to its clients’ specific requirements means the organization will be able to meet its clients’ needs and investor interest.
Stanbic IBTC is the leading investment banking franchise in Nigeria with excellent advisory, capital markets, financial arranging capabilities and client partners in maximizing ground-breaking opportunities.
Stanbic IBTC Trustees Limited (SITL)
Also, Stanbic IBTC Trustees Limited (SITL), a wholly owned subsidiary of Stanbic IBTC Holdings PLC., has been in the business of managing assets and properties since 2010.
The company has gained an excellent reputation for providing estate planning and trusteeship services to individuals as well as corporate organizations. With over N300 million in shareholder funds, the company is in full compliance with the Security and Exchange Commission’s minimum capital requirement for trust companies in Nigeria.
At Stanbic IBTC Trustees, wealth of knowledge, international heritage and expertise in estate planning and administration services makes it the best fit for your client’s transfer needs.
Stanbic IBTC Insurance Brokers Limited (SIIBL)
Stanbic IBTC Insurance Brokers Limited (SIIBL) is a duly registered and licensed Insurance broker operating as risk management consultants, life insurance, non-life insurance, pension advisors, health insurance consultants and claims service experts.
Essentially, the insurance brokers partner with reputable insurance companies in Nigeria and offer a wide range of products to manage client’s risk at no additional cost to the organization while ensuring the best of rates and terms are obtained on client’s behalf from Insurance companies. In addition, Stanbic IBTC Insurance Broker is positively disposed towards packaging tailor-made solutions to suit client’s operations.
Stanbic IBTC Ventures Limited (SIVL)
Stanbic IBTC Ventures Limited (SIVL) manages venture capital funds for investing in any and all types of companies that require venture capital financing. The funding can be by the way of debt and/ or equity or any other means. The company also arranges, sponsors, provides or procures venture capital related services from third party organizations. The company applies its managerial and technical expertise in the development of businesses and in helping its clients achieve their set objectives.
Stanbic IBTC Investments Limited (SIIL)
Stanbic IBTC Investments Limited (SIIL) was incorporated as a limited liability company in May 2012. The company carries on the business of an investment company in the management and investment of venture capital funds. Its offerings include property finance, project and structured finance, financial advisory and real estate finance. 0