Stanbic IBTC Beats recapitalization deadline, successfully exceeds CBN requirements

• Reinforcing Financial Position

Stanbic IBTC Holdings Plc in a noteworthy display of investor confidence, has successfully concluded its Rights Issue which attracted fresh N148.7 billion into its coffers.

This achievement comes alongside an extraordinary oversubscription rate by 21.9 per cent, reflecting the firm belief and support from existing shareholders.

This strategic initiative not only ensures that the company meets the stringent recapitalisation requirements mandated by the Central Bank of Nigeria (CBN) but also firmly secures a robust financial foundation geared towards sustained future growth and innovation.

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 company’s operational excellence and its commitment to maintaining transparency and accountability. The additional funding of N181.4 billion enables Stanbic IBTC to strengthen its position within the increasingly competitive financial market, while ensuring full compliance with the regulatory frame- works set out by the CBN. This compliance is crucial for the bank’s continued success and stability in a dynamic economic environment.

Commenting on this significant achievement, Dr. Kunle Adedeji, the Acting Chief Executive of Stanbic IBTC Holdings PLC, conveyed his gratitude and optimism: “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.”