STANBIC IBTC Bank, a member of Standard Bank Group, has announced the appointment of Mr. Kayode Solola as executive director, Corporate and Investment Banking (CIB). Until the new appointment, Solola was head, Global Markets, and more recently, head, Corporate and Investment Banking.
In his new position, Solola will help to bolster the bank’s investment banking capabilities, drawing from a strong finance background and sectoral expertise garnered in over 19 years in banking with 15 of those in the global market space. He will particularly focus on providing financial advisory and comprehensive financing solutions to corporate clients of the bank, to help them achieve their growth strategies.
Solola, an Accounting graduate, chartered accountant and MBA holder, has been actively involved in major sales and structuring transactions of the bank. He helped structure different derivatives and hedges for various clients most of which were novel in Nigeria. He was part of the team that developed and nurtured such landmark banking products as the Nigerian Inter-bank Offered Rate (NIBOR) and Nigeria Interbank Foreign Exchange Rate (NIFEX), Nigeria’s interest and foreign exchange index. Solola was head of the foreign exchange dealing team which encouraged and pushed for the introduction and active trading on the ‘two way quote basis’ in the Nigerian interbank foreign exchange market.
Solola’s elevation, according to Mrs. Sola David-Borha, Stanbic IBTC’s chief executive officer, is pivotal in helping to accelerate Nigeria’s socio-economic development through the funding of critical projects and initiatives by the bank. “We believe that we will realise significant benefits from this appointment as we remain focused on supporting growth and development of the Nigerian economy.”