Stanbic IBTC Holdings PLC, a member of Standard Bank Group has announced the establishment of its wholly-owned life insurance subsidiary, Stanbic IBTC Insurance Limited after obtaining all required regulatory approvals as well as a license from the .National Insurance Commission
Stanbic IBTC in a notification at the Nigerian Stock Exchange on Friday said the establishment of the new subsidiary essentially complements the bouquet of product offerings as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria.
“In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business,” the group said.
Stanbic IBTC Holdings PLC is 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.
The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.
Standard Bank has been in operation for over 158 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