Stanbic IBTC Plc, Nigeria’s tier-2 lender and a member of Standard Bank Group is set to venture into the Insurance business with the establishment of a Life Insurance subsidiary.
The planned new wholly-owned subsidiary of the bank to be named Stanbic IBTC Insurance was contained in a statement made available to us today by the bank. The statement was signed by the bank’s Company Secretary, Chidi Okezie
The statement which also mentioned that the bank has commenced the request for regulatory approval reads:
“Stanbic IBTC Holdings PLC wishes to announce that it has commenced the process of seeking regulatory approvals to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited”.
“The commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission. Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary”. The bank concluded.