Stanbic IBTC will seek shareholders’ approval to raise ₦550bn
- Stanbic IBTC Holdings plans to raise ₦550 billion through the sale of bonds and a rights issue.
- The banking subsidiary of Stanbic IBTC Holdings, a Tier 2 bank with a capital requirement of ₦200 billion, aims to issue debt securities worth ₦400 billion and an additional ₦150 billion through a rights issue.
- Unlike other financial institutions, subscription for Stanbic IBTC's shares will first be by a public rights issue.
The move by Stanbic IBTC Holdings to raise ₦550 billion through the sale of bonds and a rights issue is a positive step towards meeting the increased capital requirements set by the Central Bank. This will enable the company to strengthen its financial position and support its growth plans. It also demonstrates the confidence of the shareholders in the future prospects of the company.
