BRIEF: Stanbic Africa Holdings increase stake in Nigerian unit to 64%

Stanbic africa

Stanbic Africa Holdings, a wholly-owned subsidiary of Standard Bank Group Limited said it has acquired more stake in Stanbic IBTC Holdings PLC.

Stanbic IBTC Holdings PLC said in the statement that the acquisition is an additional 1,141,191,943 (one billion, one hundred and forty-one million, one hundred and ninety-one thousand, nine hundred and forty-three) ordinary shares in Stanbic IBTC Holdings PLC in an “Off-Market” transaction.

“With this acquisition, the total percentage shareholding of Stanbic Africa Holdings Limited in Stanbic IBTC has increased by 11.35% from 53.09% to 64.44% post this transaction,” the statement said.

Stanbic Africa Holdings Limited (SAHL) is an unlisted, wholly owned subsidiary of Standard Bank Group Limited (SBG). SAHL is registered in the United Kingdom and is the holding company for the majority by number of SBG’s African subsidiary banks, including its current 60% shareholding in Stanbic Holdings Plc in Kenya.

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