Stanbic IBTC Holdings Plc, a prominent player in the financial services sector, has rebranded its fintech subsidiary. Previously recognized as Stanbic IBTC Financial Services Limited, the subsidiary has now been rechristened as ZEST Payments Limited (ZEST).
This announcement was conveyed through an official press release signed by the Company Secretary, Chidi Okezie, and disseminated to the Nigeria Exchange.
The company emphasized in the statement that its unwavering commitment to delivering exceptional financial services to its clients remains steadfast.
The decision to undertake this name change stems from the company’s aspiration to align with its evolving vision and brand identity. This strategic shift is intended to bolster its capacity to serve clients and stakeholders more efficiently and remarkably, as per the company’s communication.
The press release clarified that this change has been executed following the receipt of all requisite regulatory approvals. Both the Nigeria Exchange Limited and relevant stakeholders have been duly informed about this development.
However, it’s important to note that despite the name alteration, ZEST continues to operate as a wholly-owned subsidiary of Stanbic IBTC Holdings PLC, as emphasized in the statement. This name change has not triggered any alterations to the company’s ownership structure, shareholding arrangement, or business objectives.
ZEST will continue to conduct its operations by the existing regulatory guidelines stipulated by the Central Bank of Nigeria.
Recent Appointments and Board Changes at Stanbic IBTC Stanbic IBTC also recently announced significant additions to the board of its holding company and its subsidiary entities.
The Board of Stanbic IBTC Holdings has welcomed the following directors
Mrs. Ndidi Nwuneli, assuming the position of Independent Non-Executive Director at Stanbic IBTC Holdings PLC.
Mr. Yinka Sanni, joining as a Non-Executive Director on the Holding Company’s Board. Additionally, he will serve as a Non-Executive Director for Stanbic IBTC Bank.
Mrs. Funeka Montjane, taking up the role of Non-Executive Director at Stanbic IBTC Bank PLC.
Mr. Efe Omoduemuke, was appointed as an Executive Director on the Board of Stanbic IBTC Asset Management.
Mrs. Joyce Dimpka, designated as a Non-Executive Director at Stanbic IBTC Insurance Brokers.
Mrs. Temitope Popoola, was recently named as an Executive Director at Stanbic IBTC Insurance Brokers Limited.
Mr. Oladele Sotubo, assuming the position of Executive Director at Stanbic IBTC Capital Limited.
Mrs. Titi Ogungbesan, taking on the role of Chief Executive at Stanbic IBTC Ventures.
About The Company
Stanbic IBTC Holdings is a distinguished Nigerian financial holding entity encompassing subsidiaries in diverse areas such as banking, stock brokerage, investment advisory, asset management, investor services, pension management, trustee insurance brokerage, and life insurance.
The corporate headquarters, I.B.T.C. Place, is located at Walter Carrington Crescent, Victoria Island, Lagos. Moreover, Stanbic IBTC Holdings is affiliated with the Standard Bank Group, a leading financial services conglomerate headquartered in South Africa. Notably, Standard Bank ranks as Africa’s largest banking group in terms of assets and earnings, maintaining operations in 20 African countries as well as 13 non-African countries.
Having been established in 1989, Stanbic IBTC adopted a holding company structure in 2012 by the revised regulatory framework introduced by the Central Bank of Nigeria. This framework necessitated banks to either divest from non-core banking financial services or adopt the holding company structure to ensure compliance.