By Adedapo Adesanya
Mr Atedo Peterside has resigned from the board of Stanbic IBTC after serving in various capacities, including as chief executive officer (CEO), chairman and bank director for the past 35 years.
The banker at 68 years old is bidding farewell as Director, two years earlier than the retirement age of 70 years old.
“Today was the Annual General Meeting of Standard Bank Group Limited and I opted not to be re-elected as a Director. The retirement age is actually 70, but I believe 35 years is enough and the succession plans have worked well,” Mr Peterside announced on X, formerly known as Twitter.
Mr Peterside founded the Investment Banking and Trust Company Limited (IBTC) in February 1989 at age 33 and served as the bank’s CEO till 2007.
During the 2005 recapitalisation programme by the Central Bank of Nigeria (CBN), the lender acquired two commercial banks, Chartered Bank Plc and Regent Bank Plc, to become a universal bank on December 19, 2005.
This was as it raised over N25 billion minimum capital base as required by the then Mr Charles Soludo-led CBN, the current Governor of Anambra State. It then became known as IBTC Chartered Bank Plc.
In September 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited to form Stanbic IBTC Bank Plc, and he was elected Chairman of Stanbic IBTC Bank in October 2007.
Mr Peterside was Group Chairman of Stanbic IBTC Holdings Plc from August 2012. Having overseen a number of regulatory matters through to completion, he announced his resignation on March 31, 2017.
He attained his secondary education at King’s College, Lagos and obtained a B.Sc degree in Economics from The City University, London.
He acquired a Master’s degree (M.Sc) also in Economics from the London School of Economics and Political Science.
Modupe Gbadeyanka