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Stanbic IBTC discontinues BDC business

Stanbic.png File photo: Stanbic IBTC

Thu, 14 Jan 2021 Source: Punch

Stanbic IBTC Holdings Plc has announced that its Bureau De Change subsidiary, Stanbic IBTC Bureau De Change Limited, has discontinued its BDC business with effect from January 1, 2021, by relinquishing its operating licence.

It said the discontinuation of operations of the BDC business was primarily driven by changes in regulations, “which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide”.

According to a statement signed by the Company Secretary, Chidi Okezie, the intention is to repurpose the subsidiary for other business venture in the near future, and stakeholders will be duly notified when all engagements have been concluded in this regard.

Stanbic IBTC posted a profit after tax of N66.16bn for the nine months ended September 30, 2020.

This represents an increase of 19.10 per cent over its profit after tax of 2019 which was N55.55bn. Profit before tax for the June ended was N76.87bn, representing a 12.86 per cent increase over 2019 figures which stood at N68.11bn.

The group gross earnings stood at N183.29bn from N176.16bn, accounting for a growth of 4.05 per cent.

Source: Punch