Stanbic IBTC Unwraps Business Banking Device

Stanbic IBTC Bank has taken the wrapper off its new business online in the country that will help people at the comfort of their home or offices transact their businesses.
Chris Newson, chief executive officer of the bank, said that the product is wholly Nigeria and is meant to serve the interest of Nigerians.
According to him, with the new system, excessive cash will be eliminated while people transact their businesses. "This did not come by accident, it was seriously thought of and the security aspect of it well taken care of" Chris said.
He said that Stanbic IBTC has about 34 years banking experience in South Africa where 17 of these years saw it as a market leader.
He said: "But this is not a South African product. It is a Nigerian product. We took our time to understand the Nigerian customers. The product is for Nigeria and meant to serve Nigeria. We are working with some local partners.
"Some of the advantages of the product are that customers can make payments locally and across banks and give you your account balance wherever and whenever you want. Each user has a unique Identification Number to access the system." He said
It will be recalled that Standard Bank Group merged its Nigerian operations, Stanbic Bank Nigeria with that of IBTC Chartered Bank PLC.
The merger, by way of the first ever tender offer in Nigeria and a $525 million FDI, the largest in Nigerian financial history, gave birth to a new entity now known as Stanbic IBTC Bank PLC which became part of the Standard Bank Group.  The merger was officiated in August of this year and legalised on the September  24, 2007.
Stanbic IBTC Bank PLC through its wholly owned stock broking and asset management subsidiary, IBTC Asset Management Limited has several excellent mutual funds including the IBTC Nigerian Equity Fund, which is Nigeria’s largest mutual fund with a net asset value in excess of N25 billion (as at December 2007).  It is the only bank that has a direct subsidiary that is a pension fund administrator; through the market leading IBTC Pension Managers Limited (IPML).
The Corporate and Investment banking offering includes global markets, project and structured finance, equities trading, corporate finance, global custody and a myriad of transactional and electronic banking solutions.  As part of Africa’s largest bank, it is able to give its clients access to expertise and on the ground presence across the globe, a vital service in the ever increasing global requirements of business.