The Nigerian Stock Exchange (NSE) on September 28 lifted the technical suspension placed on IBTC Chartered Bank. It is noted that this suspension was imposed following the commencement of merger proceedings between the bank and Stanbic Bank (Nigeria) limited.

As reported in recent times, the proposed merger between IBTC Chartered Bank and Stanbic Bank Plc has received the approval of the apex bank in Nigeria, the Central bank of Nigeria. It would be recalled that the two companies agreed to merge with Standard Bank of South Africa acquiring 55 per cent equity in IBTC. Standard Chartered Bank of South Africa is the parent body overseeing the activities of Stanbic Bank Nigeria Plc. After the conclusion of the deal, IBTC will still retain its name, but will be listed as a company under Standard Chartered Group.

Standard Chartered Bank is refuted to be the largest bank in Africa, and this would see the new IBTC having shareholders funds in excess of N60 billion. Further more, it was reported that IBTC Chartered shareholders endorsed the Merger between the two banks. Shareholders of the two banks at their separate court-ordered meetings in Abuja and Lagos respectively, unanimously endorsed the merger of both organisations.