Friday, November 27, 2020 / 5:08 PM / by NSE / Header Image Credit: Stanbic IBTC
Stanbic
IBTC Holdings PLC ("Stanbic IBTC" or "the Company"), is pleased to announce
that it has obtained all required Regulatory Approvals as well as a License
from the National Insurance Commission to establish a wholly-owned Life
Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance
Limited ("SIIL").
Related Link: NAICOM Issues
Licences to Four New Insurers and One Reinsurer
The establishment of this new subsidiary essentially
complements the bouquet of product offerings by Stanbic IBTC as it continues
its goal of being the leading end-to-end financial solutions provider in
Nigeria. In this regard, SIIL will aim to facilitate long term insurance for
already financially included individuals and will seek to become the preferred
Insurer in the Life Insurance Business.
Stanbic IBTC Holdings PLC, a member of Standard Bank
Group, is a full-service financial services group with a clear focus on three
main business pillars - Corporate and Investment Banking, Personal and Business
Banking and Wealth Management. The group's largest shareholder is the
Industrial and Commercial Bank of China (ICBC), the world's largest bank, with
a 20.1% shareholding.
In addition, Standard Bank Group and ICBC share a
strategic partnership that facilitates trade deals between Africa, China and
select emerging markets. Standard Bank Group is the largest African financial
institution by assets. It is rooted in Africa with strategic representation in
21 countries on the African continent.
Standard Bank has been in operation for over 158 years
and is focused on building first-class, on-the-ground financial services
institutions in chosen countries in Africa; and connecting selected emerging
markets to Africa by applying sector expertise, particularly in natural
resources, power and infrastructure.
Related to STANBIC
Related to Insurance
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