"CBN Approves": Stanbic IBTC Bank Announces Name Change for Subsidiary to Challenge OPay, Kuda, Others
- Stanbic IBTC Holdings Plc has announced a name change for its subsidiary, a financial technology company
- The financial services company has also announced several appointments, including that of new executive directors
- Stanbic is in the business of banking, stock brokerage, investment advisory, asset management, investor services, and pension management, among others
Stanbic IBTC Holdings Plc, the parent company of Stanbic IBTC Bank, has changed the name of its fintech subsidiary.
The subsidiary, formerly known as Stanbic IBTC Financial Services Limited, is now called ZEST Payments Limited (ZEST).
ZEST will now challenge other fintech, such as OPay, Kuda, and Moniepoint, for market share.
Source: Facebook
The rebranding was disclosed in a press release signed by the Company's Secretary, Chidi Okezie, and published on the Nigeria Exchange.
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Stanbic IBTC explains name change
According to Stanbic IBTC, the decision to change the name was driven by the desire to mirror the company’s developing vision and brand image.
The statement reads:
"This is to inform the Nigeria Exchange Limited as well as our Esteemed Stakeholders of the change in the name of our fintech subsidiary from "Stanbic IBTC Financial Services Limited" to "ZEST Payments Limited" (ZEST), following the receipt of all required regulatory approvals including CBN.
"Notwithstanding the name change, ZEST remains a wholly owned subsidiary of Stanbic IBTC Holdings PLC, and no change of ownership, shareholding structure, or business objects of the company has occurred as a result of this.
"ZEST will also continue to operate within the same regulatory framework the Central Bank of Nigeria set forth.
"Our commitment to providing exceptional financial services to our customers remains unwavering, and this name change is intended to reflect our evolving vision and brand identity, enabling us to serve our clients and stakeholders better and more exceptionally."
Stanbic's new appointments
Meanwhile, in another development, Legit.ng reported that Stanbic IBTC had announced new names on the board of its holding company and its other subsidiary companies.
The appointments include:
- Mrs Ndidi Nwuneli: Appointed as an Independent Non-Executive Director at Stanbic IBTC Holdings PLC.
- Mr Yinka Sanni: Welcomed as a Non-Executive Director on the Board of the Holding Company. Additionally, he will serve as a Non-Executive Director for Stanbic IBTC Bank.
- Mrs Funeka Montjane: Assumed the position of Non-Executive Director at Stanbic IBTC Bank PLC.
- Mr Efe Omoduemuke: Joined the Board of Stanbic IBTC Asset Management as an Executive Director.
- Mrs Joyce Dimpka: Designated as a Non-Executive Director at Stanbic IBTC Insurance Brokers.
- Mrs Temitope Popoola: Recently appointed as an Executive Director at Stanbic IBTC Insurance Brokers Limited.
- Mr Oladele Sotubo: Taken on the role of Executive Director at Stanbic IBTC Capital Limited.
- Mrs Titi Ogungbesan: Assumed the position of Chief Executive at Stanbic IBTC Ventures.
List of the 8 subsidiaries that make up Stanbic IBTC Holdings
In 2012, Stanbic IBTC officially adopted a holding company (HoldCo) structure following final approvals from the Central Bank of Nigeria, and other regulatory authorities.
Following the adoption of the holding company structure, the operating subsidiaries of Stanbic IBTC Holdings Plc are now as follows;
- Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited)
- Stanbic IBTC Pension Managers Limited
- Stanbic IBTC Asset Management Limited
- Stanbic IBTC Stockbrokers Limited
- Stanbic IBTC Trustees Limited
- Stanbic IBTC Ventures Limited
- Stanbic IBTC Capital Limited
- Stanbic IBTC Investments Limited
45 failed banks in Nigeria and dates of closure
In another report, Legit.ng revealed that in the last 28 years, approximately 46 commercial and merchant banks have closed down for various reasons.
The banks had their licenses revoked by the Central Bank of Nigeria between 1994 and 2006.
United Bank of Africa and Ecobank took control of the failed commercial banks.
Source: Legit.ng
