Stanbic IBTC suspends BDC business

By Kayode Tokede

Stanbic IBTC Bureau De Change Limited said it discontinued its Bureau De Change business.

The holdings, Stanbic IBTC Holdings announced on the Nigerian Stock Exchange (NSE) on Wednesday  that its BDC subsidiary, (Stanbic IBTC BDC) discontinued its BDC business with effect from 01 January 2021 by relinquishing its operating license.

Company Secretary, Stanbic IBTC Holdings Chidi Okezie in a statement said, “The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.

“The intention is to repurpose this subsidiary for other business venture in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard.”

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1per cent shareholding.

Also, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.