The merger between IBTC Chartered Bank Plc and Stanbic Bank (Nigeria) Limited has been completed.
The scheme of merger between the two banks was sanctioned by the Federal High Court on Monday.
The merger had earlier received the approvals of the shareholders of both banks, the Securities and Exchange Commission, the South African Reserve Bank and the Central Bank of Nigeria.

Stanbic is a subsidiary of the Standard Bank Group, a South African bank that recently acquired 51 per cent stake in IBTC Chartered.

“In accordance with the provisions of the scheme, IBTC has now acquired all the assets, liabilities and undertakings of Stanbic Nigeria and Stanbic Nigeria has been dissolved without being wound up,” IBTC said in a statement.

The enlarged IBTC now has shareholders‘ funds in excess of N65bn, 60 branches across Nigeria and has become a subsidiary of Standard Bank Group. According to the statement, the Tender Offer by Stanbic Africa Holdings Limited, a wholly-owned subsidiary of Standard Bank, to acquire additional shares in IBTC has also received the final approval of the regulatory authorities.

About 3.157 billion IBTC shares were validly tendered by IBTC shareholders at a premium rate of N16 per share and processed pursuant to the Tender Offer.