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Stanbic IBTC opts out of Bureau De Change operations; to focus on core business

Bassey Udo by Bassey Udo
January 14, 2021
in News
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Stanbic IBTC opts out of Bureau De Change operations; to focus on core business

Stanbic IBTC

Citing regulatory changes, Stanbic IBTC Holdings PLC on Wednesday announced its decision to relinquish its Bureau De Change operating license and discontinue the business.

The announcement was contained in the bank’s corporate filing with the Nigerian Stock Exchange by its company secretary, Chidi Okezie, to inform the market, its investors and the general public about its decision, which took effect from January 1, 2021.

The bank said the decision will enable it focus its attention on the its core business interests.

The statement reads: “Stanbic IBTC Holdings PLC (“Stanbic IBTC” or “the Company”), wishes to announce that its Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change Limited (‘Stanbic IBTC BDC’) has discontinued its Bureau de Change business with effect from 01 January 2021 by relinquishing its operating license.

“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 20.1% 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. Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

Tags: Bureau de ChangeCBNCommercial bankingCorporate and Investment BankingNigeriaPersonal and Business Banking and Wealth ManagementStanbic IBTC Holding
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Bassey Udo

Bassey Udo

Bassey Udo is a Journalist, Communication & Media Practitioner PERSONAL DETAILS DATE OF BIRTH: March 3, 1965 GENDER: Male NATIONALITY: Nigerian GSM: +234 802 313 7335; 07032308000 EMAIL: bassey.udo@gmail.com CONTACT ADDRESS: Plot 743 Coral Park Street, Lugbe CRD, Abuja, FCT 900128 A multiple award winning investigative reporter with specialised interest in Business & Economy, Energy & Power, Oil, Gas, Mining & Extractive Industry, Environment & Climate Change, etc. at various times for some of Nigeria’s elite newspapers and magazines, including Post Express, NewsAfrica magazine, Independent, 234NEXT and Premium Times. A member of the Nigerian Guild of Editors (NGE), Nigeria Union of Journalists (NUJ), Nigerian Institute of Public Relations (NIPR) and Society of International Law & Diplomacy (SILD). He is also a distinguished Alumnus of the U.S. International Visitors Leadership Programme (IVLP) 2017.

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