Stanbic IBTC Holdings PLC secures ‘Bank of the Year – Nigeria’ Award by Financial Times ‘The Banker Magazine’

Stanbic IBTC Holdings PLC was recently recognised as ‘Bank of the Year in Nigeria’ by The Banker magazine, a publication of the Financial Times. The award ceremony, widely acknowledged as the ‘Oscars of the Banking Industry’, took place in London on Thursday, 30 November 2023.

The Banker Magazine’s acknowledgment of Stanbic IBTC Holdings for its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services to clients reflects the trust bestowed upon the institution by key stakeholders in the industry.

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, expressed his gratitude during the ceremony as follows: “Receiving the ‘Bank of the Year’ award from The Banker Magazine is a tremendous honour and a testament to our unwavering commitment to excellence. This achievement reflects the collective effort of our dedicated team and our strategic initiatives aimed at delivering superior financial performance and addressing the evolving needs of our clients.”

Mr. Wole Adeniyi, Chief Executive of its banking subsidiary; Stanbic IBTC Bank Limited also shared some insights on the achievement, he stated: “This recognition is a validation of our continuous efforts to address industry challenges, develop new markets, and extend our financial services to a broader audience. The ‘Bank of the Year’ award is not only a celebration of our achievements but also a reminder of our responsibility to lead and innovate in the global banking landscape.”

Earlier this year, Fitch Ratings reaffirmed the National Long-Term Ratings of Stanbic IBTC Holdings and Stanbic IBTC Bank Limited at ‘AAA(nga). Fitch also assigned stable outlooks to the ratings, which underscored the financial institution’s resilience in a challenging operating environment.

The rating recognised the institution’s sound asset quality, the strength of its corporate and investment banking franchise, robust capitalisation and consistent profitability. The rating also considered the strategic importance of Stanbic IBTC Holdings being a member of the Standard Bank Group and the integral role of the Group’s Nigerian operations.