Stanbic IBTC Holdings Plc, a financial services company, has changed the name of its fintech subsidiary. Formerly known as Stanbic IBTC Financial Services Limited, the subsidiary is now called ZEST Payments Limited (ZEST). This information was conveyed through a press release signed by the Company Secretary, Chidi Okezie, and sent to the Nigeria Exchange.
The company said in the statement that its dedication to delivering outstanding financial services to its clients remains unchanged. The decision to change the name is driven by the desire to mirror the company’s developing vision and brand image. This shift aims to enhance its ability to serve clients and stakeholders even more effectively and remarkably, according to the company.
The press release established that the change has been made after the bank obtained all necessary regulatory approvals, and Nigeria Exchange Limited and stakeholders have been informed of this update.
However, even though the name has been changed, ZEST continues to be a fully owned subsidiary of Stanbic IBTC Holdings PLC, according to the statement. This alteration in name has not led to any modifications in the company’s ownership, shareholding arrangement, or business objectives. ZEST will continue to maintain its operations under the existing regulatory guidelines established by the Central Bank of Nigeria.
Appointment to new roles at Stanbic IBTC
Stanbic IBTC also recently made public the addition of new individuals to the board of its holding company, as well as its other subsidiary companies.
The Board of Stanbic IBTC Holdings has given its endorsement to the following directors:
- Mrs. Ndidi Nwuneli has taken up the role of an Independent Non-Executive Director at Stanbic IBTC Holdings PLC.
- Mr. Yinka Sanni has been welcomed as a Non-Executive Director on the Board of the Holding Company. Furthermore, he will serve as a Non-Executive Director for Stanbic IBTC Bank.
- Mrs. Funeka Montjane has assumed the position of Non-Executive Director at Stanbic IBTC Bank PLC.
- Mr. Efe Omoduemuke has joined the Board of Stanbic IBTC Asset Management, holding the role of an Executive Director.
- Mrs. Joyce Dimpka has been designated as a Non-Executive Director at Stanbic IBTC Insurance Brokers.
- Mrs. Temitope Popoola has recently been appointed as an Executive Director at Stanbic IBTC Insurance Brokers Limited.
- Mr. Oladele Sotubo has taken on the role of Executive Director at Stanbic IBTC Capital Limited.
- Mrs. Titi Ogungbesan has assumed the position of Chief Executive at Stanbic IBTC Ventures.
About Stanbic IBTC
Stanbic IBTC Holdings is a Nigerian financial holding firm with subsidiaries in banking, stock brokerage, investment advisory, asset management, investor services, pension management, trustee insurance brokerage, and life insurance.
The company’s corporate headquarters, I.B.T.C. Place, is situated at Walter Carrington Crescent, Victoria Island, Lagos. The financial institution is also a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa’s largest banking group ranked by assets and earnings, with operations in 20 African countries and 13 countries outside Africa.
Established in 1989, the company adopted a holding company structure in 2012 to comply with the Central Bank of Nigeria’s revised regulatory framework, which required banks to either divest from non-core banking financial services or adopt a holdings company structure.
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