Banking
Stanbic IBTC Wins Regional Awards in Pension, Wealth Management
Stanbic IBTC Holdings PLC’s entities have won the Best Asset/Fund Management Company and Best Private Banking Business in Wealth and Society West Africa at the Global Wealth and Society Awards West Africa 2019.
The awards further validate Stanbic IBTC’s standing as a leading end-to-end financial services organisation with market leadership across segments, including wealth management, corporate and investment banking, pension fund administration, stockbroking, custody, trusteeship and others.
Stanbic IBTC Asset Management Limited won the Best Private Banking Business in Wealth and Society in West Africa, while Stanbic IBTC Pension Managers Limited picked the Best Asset/Fund Management Company in Wealth and Society also in the West Africa category.
The award ceremony was held in conjunction with a Roundtable Dialogue comprised of private bankers, impact investors, and related parties, at the Eko Hotel Lagos. These new accolades complement the numerous recognitions awarded to both companies in 2018.
“Being singled out among peers is gratifying and we are very pleased to have been selected for recognition as the Best Asset/Fund Management Company in West Africa. It is another prestigious award made possible by our esteemed and loyal customers.
“Our customers constantly challenge us through their patronage and positive feedback allowing us to push the envelope in innovative service to ensure they get full benefit of partnering with us,” Chief Executive, Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin, said.
On his part, Chief Executive, Stanbic IBTC Asset Management Limited, Mr Oladele Sotubo, expressed the firm’s delight for being recognized by such a reputable and credible organisation from a pool that includes some of the industry giants in Africa.
He said the awards further demonstrate Stanbic IBTC’s strength and desire to consistently provide best-in-class financial services solutions across all market segments by leveraging on the expertise and rich heritage of the Standard Bank Group, to which Stanbic IBTC Holdings belongs.
“These awards are testament to our capabilities and competences across all business segments, and speak to our unwavering dedication to consistently deliver innovative and robust solutions to our clients,” Mr Sotubo stated.
The Global Wealth and Society programme opened in London in 2018, according to the promoters, out of the belief that wealth can be a force for good. As such we look for instances everywhere in the world where wealthy individuals, institutions and funds were targeted to make an impact in their local communities or the world at large.
The programme is predicated on the belief that the best financial institutions are able to understand and look after their clients’ personal aspirations as well as family and business interests through exceptional service, conducted with integrity, a deep empathy for its clients’ needs, and superior and timely product innovation resulting in the preservation and expansion of the clients’ wealth in their lifetime.
Organizers of the awards, Global Wealth and Society, said recipients of these awards underwent a stringent and comprehensive evaluation process and that the selection of Stanbic IBTC Asset Management Limited was based on three major factors which distinguished the firm among its peers and they are; its being a national pioneer in ethical financial products and alongside its Imaan fund based on Sharia principles, and its Ethical Fund is Nigeria’s first quoted socially responsible mutual fund and accounts for one third of the Ethical Funds Sector in Nigeria.
Stanbic IBTC Money Market Fund is the institution’s most profitable product as well as the largest open-ended mutual fund in Nigeria and Socially Responsible Investment Funds and its customer-centric strategy drove strong Assets Under Management (AUM) growth for firm.
Stanbic IBTC Pension Managers Limited, on the other hand is the country’s largest pension fund administrator, with a proven record of finance tracking and the protection of investments. The company’s Retiree Fund 4 was the best performing fund in its category for 2018, with a YTD return of 15.54% compared to the average of 12.66% for Retiree Fund 4 in Nigeria. The company currently manages the largest Retirement Savings Account Fund (RSA) in Nigeria and is consistently providing products and services that meet customer, statutory and regulatory requirements. In addition to this, the PFA has continued to attract new clients, recording strong growth in AUM and a jump in high net worth clients in 2018.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has reaffirmed that the old and new Naira notes will continue to be used for financial transactions in the country beyond December 31, 2024.
There had been rumours that the old and redesigned N200, N500, and N1,000 banknotes would no longer be legal tender from Wednesday, January 1, 2025, because the central bank would phase out the notes in compliance with a Supreme Court judgement of November 29, 2023.
But the apex bank, in a statement signed by its acting Director of Corporate Communications, Mrs Hakama Ali, on Friday, clarified that the apex court’s judgement being cited did not authorise the bank to phase out the banknotes by the end of this year.
According to her, the court allowed the CBN to leave the old and new notes to be used concurrently until it decides to gradually phase out the former.
The central bank’s spokesperson urged members of the public to disregard claims suggesting the old series of these denominations would cease to be valid at the end of this year.
She urged them to continue to accept all Naira notes for daily transactions, encouraging banks to also adopt alternative payment methods such as electronic channels to reduce the pressure on physical cash usage.
“The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old N1000, N500, and N200 banknotes currently in circulation.
“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1000, N500, and N200 denominations of the Naira indefinitely.
“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadlines,” the statement noted.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
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