SBK
SBK
Standard Bank - Standard Bank in discussions with IBTC Chartered Bank in Nigeria
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
South African Share Code: SBK
Namibian Share Code: SNB
ISIN: ZAE000057378
("Standard Bank")
Standard Bank in discussions with IBTC Chartered Bank
Standard Bank has entered into discussions with IBTC Chartered Bank in Nigeria
in respect of a proposed merger of IBTC Chartered Bank and Stanbic Bank Nigeria
and Standard Bank acquiring a controlling interest in the combined entity.
Discussions are at an early stage and further announcements will be made as and
when appropriate.
About IBTC Chartered Bank
IBTC obtained its banking license in February 1989 and was listed on The
Nigerian Stock Exchange in April 2005. In December 2005, IBTC merged with
Chartered Bank and Regent Bank. On that date all the assets, liabilities and
undertakings including real properties and intellectual property rights of
Chartered Bank and Regent Bank were transferred to IBTC which was the surviving
entity. The name of the enlarged Bank was later changed in early 2006 to IBTC
Chartered Bank Plc.
With shareholders" funds of N33 billion (USD258 million), a market
capitalisation in excess of N75 billion (USD 586 million) and total assets of
approximately N110 billion (USD 859 million), IBTC has a network of 56 branches
spread in the six geopolitical Zones of Nigeria and about 750 employees.
IBTC is a truly universal bank which has product offerings that comprise
Corporate and Investment Banking, Asset Management, Private Banking and Retail
Banking.
27 September 2006
Sponsor
Standard Bank
Date: 27/09/2006 01:54:13 PM Produced by the JSE SENS Department
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