Stanbic IBTC Bank is a wholly owned subsidiary of Stanbic IBTC Holdings, a holding company listed on the Nigerian Exchange Limited (NGX). Stanbic IBTC Holdings is a 65.35 percent owned subsidiary of Stanbic Africa Holdings UK, which in turn is fully owned by Standard Bank Group.
As of 31 December 2022, the total assets for Stanbic IBTC Bank stood at NGN3.03 trillion (USD7.15 billion) and profit of the year was recorded at NGN80.81 billion (USD190.7 million).
Stanbic IBTC Bank’s range of transactional services includes:
- Payments and collections solutions
- Correspondent and settlement banking services
- Escrow services
- Liquidity management solutions
- Trade solutions
- Working capital solutions, short term loans and overdrafts
- Custodial services
- Investor Services
A key contributor of the bank’s asset growth and profitability is the Bank’s transactional banking service, which provides its clients with access to a comprehensive suite of cash management, traditional and non-traditional trade offerings, and investor services solutions in Africa and beyond. The bank’s in depth knowledge and experience, enables it to deliver cross-sectional solutions across various clients and sectors.
EMPOWERING CLIENTS ACROSS THE TRADE VALUE CHAIN THROUGH TAILORED PRODUCTS AND CUTTING-EDGE PLATFORM OFFERINGS
Part of the transaction banking trade services solution includes the delivery of trade and supply chain finance solutions for corporate and investment banking clients with embedded customisation as needed for traditional trade and non-trade products. The suite of trade solutions facilitates clients’ businesses by shortening their cash conversion cycle, enabling automated financial reporting and contributing to ease of trade and payments with various counterparties. The transaction banking business secured 25 new mandates in 2023 while controlling 6 percent of the country’s import LC volumes. The Non-Oil Export Trade business of Transaction Banking is gaining momentum with 21 mandates won valued at USD289million in 2022 – 2023 period while controlling about 3 percent of the non-oil export market.
Furthermore, the bank has established an International Trade Channel (ITC) that serves as the front-end for trade financing processing. The digital platform is an adaptable and easy to use B2B solution, that serves as a convenient and secure single window for all trade finance activities ranging from account opening to cross-border payments. The deployment of ITC has elevated the digital customer experience for corporate clients especially given the integration of required regulatory documentation. Currently, ITC is being used by the institution’s clients for processing 70 percent of import LCs.
LEADING CUSTODIAN OF CHOICE LEVERAGING WORLD-CLASS EXPERTISE AND EXPERIENCE SERVING LOCAL AND INTERNATIONAL INVESTORS
Stanbic IBTC Bank is the pioneering asset servicing provider in Nigeria and currently the largest custodian of non-pension assets in the market.
The bank provides custodial services to both local and international investors leveraging on Standard Bank Group’s custody heritage. Its expertise is in safekeeping, trade settlements, corporate actions processing, information management, reporting and investor services specialist support.
Stanbic IBTC Bank delivers an efficient custody solution underpinned by world class Investor Services Online technology, a system supported by highly skilled individuals. The bank is also a pioneer on other key capital market initiatives such as securities lending and derivatives clearing.
AUTOMATED PORT SOLUTION DESIGNED IN RESPONSE TO CLIENT NEEDS ELEVATES RECONCILIATION CAPACITY
A reflection of the Bank’s commitment to its clients includes its exclusively structured automated ports solution.
Given its track record in managing similar engagements with other partners in the industry, the client reposed confidence in Stanbic IBTC’s cash management competencies, and the secured mandate required the Bank to ensure:
- Provision of electronic collection options for terminal charges and demurrage
- Real-time online access and multi-bank reporting
- Ease of reconciliation
Stanbic IBTC delivered by collaborating with ZEST, a fintech subsidiary of the bank, to deploy a variety of collection solutions while leveraging industry aggregators. The co-created solution would enable the port client’s Enterprise Resource Planning (ERP) integration, ensuring seamless reconciliation for the client as well as giving the port operator a consolidated view across multiple channels. Similarly, the solution was customised precisely to meet the client’s requirement of becoming the first port in the market to automate its operations and processes on an end-to-end basis.
