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The Digest:

Stanbic IBTC Bank has successfully met the Central Bank of Nigeria's (CBN) recapitalisation requirements, achieving a robust financial base through its parent company's oversubscribed Rights Issue.

Key Points:
  • Stanbic IBTC Bank met CBN recapitalization requirements.
  • Parent company's Rights Issue raised N148.7 billion.
  • The issue was oversubscribed by 21.9%, totaling N181.4 billion.
  • Ensures a robust financial foundation for future growth.
  • Demonstrates strong shareholder trust and strategic vision.
  • The bank's capacity and innovation are significantly enhanced.
  • Full compliance with CBN mandates achieved.
The successful N148.7 billion capital raise, with high oversubscription, underscores strong shareholder confidence. This strategic move strengthens Stanbic IBTC's market position, ensuring full regulatory compliance and expanded operational capacity.

Sources: Vanguard