The Banker Magazine Names Stanbic IBTC ‘Bank of the Year in Nigeria’

By Aduragbemi Omiyale

The Banker magazine, a publication of the Financial Times, has announced Stanbic IBTC Holdings Plc as the Bank of the Year in Nigeria.

The Nigerian financial institution was honoured by the media platform as an awards cement held on Thursday, November 30, 2023, in London.

The event, widely acknowledged as the Oscars of the Banking Industry, attracted several critical stakeholders in the global banking sector.

It was explained that Stanbic IBTC Holdings was picked for the recognition because of its exceptional achievements in banking excellence, adept navigation of industry challenges, and commitment to providing innovative financial services to clients reflect the trust bestowed upon the institution by key stakeholders in the industry.

“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,” the chief executive of Stanbic IBTC Holdings, Mr Demola Sogunle, said.

On his part, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, said, “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.”

Recall that earlier this year, Fitch Ratings reaffirmed the National Long-Term Ratings of Stanbic IBTC Holdings and Stanbic IBTC Bank Limited at ‘AAA(nga).

It also assigned stable outlooks to the ratings, which underscored the financial institution’s resilience in a challenging operating environment, recognising 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.