Stanbic IBTC Holdings raises N148.7bn, exceeds CBN’s recapitalisation requirements
Stanbic IBTC Holdings has successfully concluded its Rights Issue, raising an impressive N148.7 billion to surpassed the Central Bank of Nigeria (CBN) recapitalisation requirements.
This achievement comes alongside an extraordinary oversubscription rate of 21.9per cent, reflecting the firm belief and support from existing shareholders.
This strategic initiative not only ensures that the company meets the stringent recapitalisation requirements mandated by the CBN but also firmly secures a robust financial foundation geared towards sustained future growth and innovation.
The successful execution of this capital raise speaks volumes about the trust that existing shareholders have in the strategic direction and initiatives of Stanbic IBTC. It underscores the company’s operational excellence and its commitment to maintaining transparency and accountability.
The additional funding of N148.7 billion enables Stanbic IBTC to strengthen its position within the increasingly competitive financial market, while ensuring full compliance with the regulatory frameworks set out by the CBN. This compliance is crucial for the bank’s continued success and stability in a dynamic economic environment.
Commenting on this significant achievement, the Acting Chief Executive of Stanbic IBTC Holdings, Dr. Kunle Adedeji conveyed his gratitude and optimism: “The enthusiastic participation of our shareholders in the Rights Issue indicates their strong belief in our strategic vision and long-term objectives. This successful capital increase is not merely a financial milestone; it marks a definitive step towards further enhancing our capabilities for sustainable growth and development in the sector.”
In light of recent mandates from the CBN, which require an increase in the capital base for commercial banks, Stanbic IBTC is well-prepared to meet this challenge head-on.
The infusion of N140 billion from the parent company directly into Stanbic IBTC Bank exemplifies a significant commitment to expanding the bank’s capacity, fostering innovation, and adapting to the ever-evolving market dynamics.
Chief Executive, Stanbic IBTC, Mr. Wole Adeniyi acknowledged the critical importance of this new capital, stating that it will significantly enhance the bank’s operational capabilities, thereby allowing it to capture additional market opportunities and cater to the diverse needs of its clients.Moreover, this capital infusion empowers Stanbic IBTC to explore new avenues for growth, potentially through technological advancements, enhanced customer service, and a broader range of financial products tailored to the needs of its clients.
The management’s forward-thinking approach and commitment to excellence ensure that the company not only reacts to market changes but also proactively shapes its future in line with global best practices.With resilience, meticulous strategic planning, and immense support from its stakeholders, Stanbic IBTC Holdings is poised to continue paving the way for a prosperous financial future.
