Stanbic IBTC Holdings PLC has been crowned the Bank of the Year in Nigeria by The Banker magazine, marking a significant milestone in the institution’s pursuit of banking excellence. The prestigious award ceremony, often likened to the Oscars of the Banking Industry, unfolded in London on Thursday, 30 November 2023, underscoring the global recognition of Stanbic IBTC’s achievements.
The accolade from The Banker Magazine is a testament to Stanbic IBTC’s remarkable accomplishments in navigating industry challenges, providing innovative financial services, and maintaining a commitment to excellence. Industry stakeholders have placed their trust in the institution, evident in the acknowledgment by one of the most reputable financial publications globally.
During the award ceremony, Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, expressed profound gratitude, emphasizing the significance of the accolade. He stated, “Receiving the ‘Bank of the Year’ award from The Banker Magazine is a tremendous honor and a testament to our unwavering commitment to excellence.”
Mr. Wole Adeniyi, Chief Executive of Stanbic IBTC Bank Limited, shed light on the achievement, stating, “This recognition is a validation of our continuous efforts to address industry challenges, develop new markets, and extend our financial services to a broader audience.”
Earlier in the year, Fitch Ratings reaffirmed the National Long-Term Ratings of Stanbic IBTC Holdings and Stanbic IBTC Bank Limited at ‘AAA(nga),’ showcasing the institution’s resilience in a challenging operating environment. The rating highlighted key strengths, including sound asset quality, a robust corporate and investment banking franchise, solid capitalization, and consistent profitability.
The strategic importance of Stanbic IBTC Holdings as a member of the Standard Bank Group was underscored in the rating, emphasizing the integral role played by the Group’s Nigerian operations. The establishment of the fintech subsidiary, ZEST Payments Limited, further exemplifies Stanbic IBTC’s commitment to providing innovative financial solutions.
Stanbic IBTC Holdings PLC, as the leading end-to-end financial solutions provider in Nigeria, plays a pivotal role in driving the country’s growth. Offering a diverse range of products and services across corporate, business, and personal banking, stockbroking, insurance, and asset management, the institution combines local insights with international expertise, enriched by its affiliation with the Standard Bank Group, Africa’s largest bank by assets.
The Banker, published by the Financial Times since 1926, bestows the Bank of the Year Awards annually, recognized as the industry standard for banking excellence and highly regarded in the international financial community. Stanbic IBTC’s latest achievement solidifies its position as a trailblazer in the Nigerian banking landscape and a beacon of excellence on the global stage.