by Isi Esene
Following the adoption of a new corporate structure by Stanbic IBTC Bank, the Nigerian Stock Exchange (NSE) has suspended its shares.
The bank, whoe controlling stake is held by Standard Chartered Bank, informed the exchange on Wednesday that it had adopted a holding company in compliance with a directive from the Central Bank of Nigeria.
According to the Central Bank of Nigeria policy, banks are required to divest from non-core banking businesses or adopt a holding structure.
The bank’s shareholders had on August 9 approved the adoption of the new structure at a court-ordered extra-ordinary general meeting.
Reports say the process of delisting the bank from the NSE’s daily official list and listing of Stanbic IBTC Holdings Plc has already commenced. The process expected to be completed in two weeks.