Stanbic IBTC Holding Completes N148bn Rights Issue Exercise, Announces 21.9% Oversubscription
Stanbic IBTC Holdings, a member of the Standard Bank Group, has announced the successful completion of its N148.7 billion Rights Issue subscription exercise, with a 21.9% oversubscription to the tune of N181.4 billion.
The Acting Chief Executive of Stanbic IBTC Holdings PLC, Dr. Kunle Adedeji, disclosed this after the completion of the verification exercise by the Central Bank of Nigeria and the final clearance by the Securities and Exchange Commission, which was recently obtained.
Commenting on the recently concluded rights issue programme, Dr. Adedeji stated that the turnout and participation of existing shareholders taking up their rights were impressive, such that the rights issue was oversubscribed by 21.9% to the tune of N181.4 billion.
His words, “We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.
“Our shareholders’ interest shows the confidence they continue to have in the brand. We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders.
“To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us.”
Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Mr. Wole Adeniyi, remarked “The injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL). We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”
Stanbic IBTC Holdings’ strategy is to position itself as the leading end-to-end financial services solutions provider in Nigeria. The Group offers expert services in four business segments – Personal and Private Banking, Insurance and Asset Management, Business & Commercial Banking and Corporate and Investment Banking.