Our Correspondent

The founder of Stanbic IBTC, Dr Atedo Peterside, says the bank has survived the last 33 years of existence due to the efforts and resilience of all its stakeholders.

Writing on his Twitter handle on Wednesday, Peterside said “Exactly 33 years ago, IBTC, now @StanbicIBTC was founded when I was 33 years old. That was on 02 February 1989. Today, 33 years later I thank God for the lives of all those who played a part in building this great institution and in making it possible for me to look back 33 years.”

“Today is 2-2-22. Is there a significance in this date? Why does it coincide with something that started 33 years ago? 33 years later is 2-2-22. What should I spend the next 33 years doing (if I am alive)?”, the Stanbic IBTC founder asked.

The Standard Bank Group (SBG) merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC (IBTC) on 24 September 2007. The merger, by way of the first-ever tender offer in Nigeria and $525 million in foreign direct investment, was the largest in Nigerian financial history.

The Standard Bank Group, which has a controlling stake of 52.8% in Stanbic IBTC, has been in business for 150 years and is Africa’s largest banking group, ranked by assets and earnings.

Stanbic Bank Nigeria was created in 1992 when SBG acquired ANZ Grindlays’ operations in Botswana, Ghana, Kenya, Nigeria, Uganda, Zaire, Zambia and ZimbabStanbic IBTC Bank PLC.

Stanbic Bank Nigeria offered merchant banking services, while Investment Banking and Trust Company (IBTC) was established to offer investment banking and investment management services. IBTC merged with Chartered Bank and Regent Bank in 2005 and was thereafter known as IBTC Chartered Bank PLC – a universal bank.

At the time of the merger with Stanbic Bank Nigeria, IBTC Chartered Bank PLC was one of the leading investment banks in Nigeria.