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Headline : Stanbic IBTC will seek shareholders’ approval to raise ₦550bn

Read more from the original article on here at techcabal.com.





Tags : #stanbic #ibtc #seek #shareholders #approval #raise #550bn


No. of Paragraph 6

Stanbic IBTC

Stanbic IBTC Holdings will seek shareholders’ approval to raise ₦550 billion on May 16. According to a regulatory filing submitted on Wednesday, the company has proposed the sale of bonds and a rights issue to raise the needed capital.

Stanbic joins industry peers like Access Holdings, GTCO, and Zenith Bank Plc, which have made similar moves to increase their capital requirements after a review by the Central Bank. Stanbic IBTC, the banking subsidiary of Stanbic IBTC Holdings Plc, is a Tier 2 bank with a capital requirement of ₦200 billion.  

It plans to issue debt securities worth ₦400 billion and an additional ₦150 billion through a rights issue.

Read more from the original article on here at techcabal.com.


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