A recent report by globally renowned credit rating agency, Fitch Ratings, has affirmed that Stanbic IBTC Holdings PLC, Nigeria’s leading end-to-end financial solutions provider, and Stanbic IBTC Bank PLC, its banking subsidiary, have retained their National Long-Term Ratings of AAA(nga). According to the report, both organisations also maintained their National Short-Term Ratings of F1+(nga).
The ‘AAA (nga)’ rating represents the highest score assigned by Fitch Ratings in its National Rating Scale for Nigeria; and it is assigned to issuers with the lowest expectation of default risk in comparison with other issuers in Nigeria.
The National Short-Term Rating of F1 on the other hand, is bestowed on issuers or obligations that have the strongest capacity for timely payment of financial commitments relative to other issuers in the same country. Stanbic IBTC Bank PLC and Stanbic IBTC Holdings PLC were however rated as F1+(nga) due to their very strong liquidity profiles.
A key rating driver for both companies is their affiliation to South Africa’s Standard Bank Group, their parent company. The ratings are an indication of the Standard Bank Group’s capacity and readiness to support both organisations. Another factor taken into cognisance during the rating process were the role of both companies as Standard Bank’s main operations in West Africa as well as the ownership size and high operational integration.
Despite Nigeria’s Country Ceiling Rating of B+, Fitch affirms that a downgrade of Nigeria’s rating will not result in the lowering of the National Long-Term and National Short-Term ratings of both Stanbic IBTC Holdings PLC and Stanbic IBTC Bank.
Stanbic IBTC Holdings PLC has its roots in the Investment Banking & Trust Company Plc (IBTC) which was formed in 1989 by a 33-year old Atedo Peterside. In 2005, IBTC merged with Chartered Bank PLC and Regent Bank PLC to form IBTC Chartered Bank PLC. In 2007, Stanbic IBTC Holdings PLC was formed from the merger of IBTC Chartered Bank PLC and Stanbic Bank Nigeria Ltd.
In 2012, the Stanbic IBTC Group officially adopted a Holding Company structure in compliance with CBN Regulation.
more recommended stories
PHOTOS: Fidelity Bank Holds 2nd Bi-Monthly/4th Monthly Draw
By Modupe Gbadeyanka Lucky customers of.
Stanbic IBTC Adds ‘Paycode’ Feature to @ease Wallet
Leading end-to-end financial solutions provider, Stanbic.
No Ban on Deposits into Domiciliary Accounts—CBN
By Dipo Olowookere The Central Bank.
Ecobank to Expand Regional Import, Export Frontiers
By Adedapo Adesanya One of Africa’s.
Banks to Seek CBN Approval to Sack Workers
By Adedapo Adesanya Banks cannot terminate.
Zenith Bank Emerges First Nigerian Bank to Post N200bn PAT
By Modupe Gbadeyanka On Friday, the.
Ex-Sterling Bank Staff in Court for N2.7m Theft
By Modupe Gbadeyanka A former banker.
Wema Bank, Heritage Bank Resolve Issue on Ondo State Funds
By Dipo Olowookere Last week, news.