The Nigerian Stock Exchange (NSE) has placed the shares of Stanbic IBTC on full suspension.
The foreign owned lender informed the exchange on Wednesday that it has adopted a holding company in compliance with a directive from the Central Bank of Nigeria, which requires banks to divest from non-core banking businesses or adopt a holding structure.
According to a statement from the bank, its shareholders approved the adoption of the new structure at a ‘court-ordered extra-ordinary general meeting of the bank held on August the 9th this year.
Meanwhile, the Nigerian Stock Exchange says the process of delisting the bank from the daily official list of the exchange and listing of Stanbic IBTC Holdings Plc has already commenced, with the process expected to be completed in about two weeks.
