The founder and pioneering Managing Director/Chief Executive Officer of IBTC Chartered Bank Plc, Mr. Atedo Peterside, has retired from the bank after more than 18 years of service and 30 years in the banking industry as a full-time executive.

Mrs. Sola David-Borha, the Executive Director in charge of Corporate & Investment Banking succeeds Peterside. Her appointment, which is in an acting capacity, takes effect from Monday.

Peterside would however, still offer his wealth of experience to the bank as he was elected Chairman by the directors at last Thursday’s board meeting following the retirement of Chief Olu Akinkugbe

Confirming his retirement, which takes effect from Monday to THISDAY in Lagos yesterday, an elated Peterside said he now wanted to offer himself “for national service.�

An email sent to all the staff of the bank yesterday by Peterside, a copy of which was obtained by THISDAY states: “Following the successful completion of the merger between IBTC Chartered Bank Plc and Stanbic Bank (Nigeria) Limited and the accompanying tender offer by Stanbic Africa Holdings Limited, I have informed the IBTC Board that I believed that this was the most appropriate time for me to retire.

â€ÂÂÂÂÂ�As many of you are aware, my top priority over the course of the last 12 months was to work towards the successful completion of the above-mentioned project, which I believe, would be instrumental in taking IBTC to the next level.  The Nigerian banking industry has undergone some very rapid changes over the course of the last three years.   With your help, I was keen to re-position IBTC on a path that would ensure our continued success in this industry well into the foreseeable future. I believe that has now been achieved and so I decided (with agreement from my family) that this was the best time to hand over the baton to a new CEO. I told the Board that I was available to serve in a non-executive capacity and that I will maintain frequent contact with an in-coming CEO to ensure a very smooth transition.

“As almost all of you know, I have been CEO of IBTC since inception in 1989 (more than 18 years) and I have spent a total of 30 years in the Nigerian banking industry as a full-time executive. I now want to bring this chapter of my life to a close and to enter a new chapter, which should afford me more opportunities for giving back to the same society that has been so kind to me.

â€ÂÂÂÂÂ�At  yesterday’s (Thursday’s) Board Meeting,  our Chairman, (Chief Olu Akinkugbe CON) indicated that he wanted to retire from the Board. We all thanked him for his years of meritorious service and for the fatherly role he played so expertly in IBTC for so many years. I was elected by the Directors to replace him as Chairman of IBTC.

I have accepted this new position and would ask that you all join me to pray that I play this role successfully. Later today, H.R.  will make other announcements regarding the Bank’s New Organogram and various appointments and staff movements approved by the Board.

“Please do not send a reply to this e-mail. Instead, join me in praying to the Lord Almighty for our bank’s continued success. Kindest Regards.�

Peterside would be remembered in the banking industry for bringing an innovation into mergers and acquisitions with the recent successful completion of the merger between IBTC Chartered Bank Plc and Stanbic Bank (Nigeria) Limited and the accompanying tender offer by Stanbic Africa Holdings Limited. - ThisDay