Banking
Survey Ranks Stanbic IBTC Bank Best in Nigeria With 4-Star Quality Rating
By Dipo Olowookere
In validation of the impeccable quality of service it provides in the Nigerian market, Stanbic IBTC Bank Plc, a member of Stanbic IBTC Holdings Plc, has received a 4-star rating in the first ever Lafferty Banking 500 Global Benchmarking Study.
Published by the Lafferty Group which provides research and intelligence to the banking industry across the world, the Lafferty Banking 500 study is a survey of 500 banks worldwide, expanded from 100 surveyed in 2016 and 2017, in which banks are given star-ratings out of five with institutions from 72 markets across all global regions ranging from large global banks to small regional institutions graded.
Stanbic IBTC Bank, which was awarded four stars from a maximum five, is one out of 160 banks to achieve 4 or 5-star ratings with only eight banks out of 500 achieving the highest score of five stars.
The group uses a combination of financial and non-financial disclosures in banking groups’ latest annual reports to determine the quality of the organisations and their respective business models.
The banks are assessed across 19 metrics, which include things like loans to deposits ratios, profits and assets, as well as other indicators like strategy, culture and end leadership.
A star rating is applied as part of the benchmarking of banks, with five stars for the best performers, and one star at the other extreme. Roughly one-third of the banks in the study achieved four-star quality ratings, while two-thirds were rated three-star or lower.
“This recognition and rating affirms Stanbic IBTC’s commitment to providing peerless services and also signposts the fact that we’re heading in the right direction in our mission to become Nigeria’s leading end-to-end financial solutions provider.
“Our ongoing digitization, innovative initiatives, customer-centricity, aggressive universal financial services organisation drive, consistency in delivering relevant solutions to our clients and value to our other stakeholders will be buoyed by this award,” Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Babatunde Macaulay, said.
Macaulay expressed the company’s delight for being recognized by Lafferty Group amongst the best banks in the world. He said the award further demonstrates 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.
He stated further that the high rating is testament of Stanbic IBTC Bank’s overall quality and stability and demonstrates the bank’s capacity to consistently deliver tailored solutions that showcase the bank’s expertise and understanding of the dynamics of the retail banking sector.
Director of Councils and Client Relations, Lafferty Group, Caroline M. Hastings, while congratulating Stanbic IBTC Bank, said the Lafferty Banking 500 Global Benchmarking Study was inaugurated to distinguish and recognise banks with exemplary characteristics of the best banks in particular regions or worldwide.
“With a deep view across the world’s leading banks we understand the winning bank quality metrics: what makes good culture, strategy and customer service,” Hastings said.
According to Lafferty, the survey found that ‘focus’ is the key to success in banking, with the best performing banks focusing on consumer and SME/business banking.
Stanbic IBTC Bank is a member of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.
Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent.
Standard Bank has been in operation for 153 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
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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