The just concluded tender offer by Standard Bank Group of South Africa for a majority share in Nigeria’s IBTC Chartered Bank Plc has fetch the IBTC shareholders about N50 billion which translates to about $400 million in Foreign Direct Investment (FDI). IBTC shareholders, who sold their shares in the tender offer, will also get the dividend declared for the year ended March 31, 2007 on the shares they have sold.

"We are very pleased with the way things have worked out. This is a further vote of confidence in favour of the financial sector consolidation in Nigeria. It is a compliment to the foresight of Nigeria’s regulatory authorities to make the banking sector more transparent," Jacko Maree, chief executive officer of Standard Bank Group, said."We will now be in a position to introduce our expertise and financial muscle into the Nigerian market. Customers will have access to many new products from early 2008. The products will be rolled out on a phased basis." Mr. Atedo Peterside, chief executive officer of IBTC, said Stanbic customers would now have access to the IBTC branch network and a much greater presence in the market. "The investment banking operations of both banks are excellent and the combined team will be able to deliver excellent products and services to the corporate clients. Stanbic Nigeria also brings its large global market trading expertise to IBTC customers."

Craig Bond, Chief Executive of Standard Bank Africa, said his team was looking forward to working with IBTC. "In particular, our growth targets mean that we will be looking at integrating the teams as fast as possible and then going to market to recruit further skilled staff," he declared. "This will not be a cost-cutting exercise at all. We will be hiring more people and will be rolling out our extensive staff training programmes. Over time, IBTC senior staff will attend our Global Leadership Centre in Johannesburg. Staff and leadership development is a key pillar to the Standard Bank business model," Bond stated. Maree was enthusiastic about growth opportunities in the Nigerian banking sector and looked forward to working with the IBTC team.