Stanbic IBTC Holdings to float new subsidiary

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Uba Group

BY BAMIDELE FAMOOFO

The board of Stanbic IBTC Holdings Plc has announced its plan to increase the number of its subsidiaries by one.

The wholly-owned subsidiary which shall be known as Stanbic IBTC Financial Services Limited will function primarily as a Payment Solution Service Provider.

The Holding company said it is already in the process of establishing the Financial Technology Subsidiary which is subject to regulatory approvals.

“Subject to receiving all required regulatory approvals, including licensing by the Central Bank of Nigeria, the new subsidiary will function primarily as a Payment Solution Service Provider (PSSP),’ a statement from the company said.

Accordingly, Stanbic IBTC said it will update the capital market upon completion of the regulatory approval process as well as licensing of the new subsidiary.