Stanbic IBTC Bank said ithas met the recapitalisation requirement of the Central Bank of Nigeria, CBN, following the successful conclusion the Rights Issue of its parent company, which raised N148.7 billion, with an oversubscription rate of 21.9 to achieve N181.4 billion.
The parent company of the bank, Stanbic IBTC Holdings, in a statement stated that this strategic initiative not only ensures that its bank subsidiary 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 company said: 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 companys operational excellence and its commitment to maintaining transparency and accountability. The additional funding of N140 billion from the parent company 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 banks continued success and stability in a dynamic economic environment.
Commenting, Dr. Kunle Adedeji, the Acting Chief Executive of Stanbic IBTC Holdings PLC, said: 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.