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\t\t<\/span><\/p>\n <\/span><\/p>\n \n \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":" (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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12278","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12278"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12278\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}(Adds details from the scheme document)\n LAGOS, July 10 (Reuters) - Nigeria's Stanbic IBTC Bank\n, said on Tuesday it will seek shareholders' approval\nto transfer its subsidiaries into a newly-formed holding\ncompany, in line with regulatory requirements to separate core\nlending from other businesses.\n The central bank two years ago scrapped the universal\nbanking model and directed lenders in Africa's second biggest\neconomy to sell their stake in non-banking subsidiaries or adopt\na holding company structure.\n \"A major reason for adopting the new structure is to\nconsolidate our goal of building Nigeria's leading end-to-end\nfinancial services organization,\" Chief Executive Sola\nDavid-Borha said, adding that the new firm will house its\nbanking, pensions and asset management business.\n Stanbic, a unit of South Africa's Standard Bank,\nsaid the new holding company called Stanbic IBTC Holding Plc,\nwill come into effect next month and it will apply for a new\nbanking licence.\n ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^\n For a Factbox on new banking licences, click: \n ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^\n According to the scheme documents seen by Reuters,\nshareholders will approve the new structure on August 9, and\nthen the bank will de-list from the Nigerian Stock Exchange on\nSept. 17, and be replaced with Stanbic IBTC Holding Plc.\n Under the new arrangement, existing shareholders' will\nretain 39.77 percent of the holding company, while Standard Bank\nwill own 52.76 percent. The newly-created entity will then own\n99.9 percent of the subsidiaries.\n\n (Reporting by Chijioke Ohuocha; Editing by Joe Brock and Jon\nLoades-Carter)<\/pre>\n