Standard Bank of South Africa is in discussions with IBTC Chartered Bank in Nigeria, with the aim of merging Stanbic Bank Nigeria with IBTC Chartered Bank, and Standard Bank acquiring a controlling interest in the merged entity.
Standard Bank, which embarked on abortive merger negotiations with Oceanic Bank in Nigeria last year (see “Proposed Merger Of Oceanic And Standard Bank Nigeria Is Put On Hold”), says discussions with IBTC are currently at an early stage.
IBTC Chartered Bank obtained its banking license in February 1989 and was listed on The Nigerian Stock Exchange in early 2005. It has total assets of N110 billion (USD 859 million) and a network of 56 branches across Nigeria.
IBTC merged with Chartered Bank and Regent Bank in the round of consolidations encouraged by the Nigerian central bank last year.