(Adds details from the scheme document)
LAGOS, July 10 (Reuters) - Nigeria's Stanbic IBTC Bank
, said on Tuesday it will seek shareholders' approval
to transfer its subsidiaries into a newly-formed holding
company, in line with regulatory requirements to separate core
lending from other businesses.
The central bank two years ago scrapped the universal
banking model and directed lenders in Africa's second biggest
economy to sell their stake in non-banking subsidiaries or adopt
a holding company structure.
"A major reason for adopting the new structure is to
consolidate our goal of building Nigeria's leading end-to-end
financial services organization," Chief Executive Sola
David-Borha said, adding that the new firm will house its
banking, pensions and asset management business.
Stanbic, a unit of South Africa's Standard Bank,
said the new holding company called Stanbic IBTC Holding Plc,
will come into effect next month and it will apply for a new
banking licence.
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According to the scheme documents seen by Reuters,
shareholders will approve the new structure on August 9, and
then the bank will de-list from the Nigerian Stock Exchange on
Sept. 17, and be replaced with Stanbic IBTC Holding Plc.
Under the new arrangement, existing shareholders' will
retain 39.77 percent of the holding company, while Standard Bank
will own 52.76 percent. The newly-created entity will then own
99.9 percent of the subsidiaries.
(Reporting by Chijioke Ohuocha; Editing by Joe Brock and Jon
Loades-Carter)
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