Peterside bows out from Stanbic IBTC Bank

Atedo Peterside, has resigned from the board of Stanbic IBTC Bank Plc as chairman, with effect from March 31, 2017.

Peterside served as the Chief Executive Officer of the bank from its inception in 1989, until a merger that created Stanbic IBTC Bank Plc in 2007, as he transmuted from CEO to the chairmanship of the new financial outfit.

In Peterside’s resignation letter, which he addressed to the board, dated March 21, 2017, he said: “We have a strong tradition of careful succession planning at both Stanbic IBTC and the Standard Bank Group. I look forward to a new chapter where my interactions with Stanbic IBTC will be exclusively from the outside and/or from Johannesburg, that is, looking in from the outside like every other parent company non-executive does when looking at all the group subsidiary operations across the Africa regions.

“I believe this is the ideal time for me to resign from the board of Stanbic IBTC Holdings Plc with effect from the close of business on March 31, 2017 and to move on,” he maintained.

Reports, however, say the long-drawn disagreement that IBTC Group had with the Financial Reporting Council (FRC) was the major reason for elongation of the tenure of the financial expert on the bank’s board, expected to have ended in 2015.

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An aide said he had stated in 2016 that his leaving the bank would not exceed the first quarter of 2017.

But investigation revealed that the appointment of an executive director in 2014 into the Stanbic IBTC Holdings Plc, by the bank’s majority shareholders, the Standard Bank Group Limited and the Standard Bank of South Africa Limited, marked the beginning of the era of Peterside in the bank as its board chairman.

On the impact that his leaving the stage would have, Peterside said there should not be any change of guard at the top echelon of the bank.

“Thankfully, the FRC matter is now behind us and our Stanbic IBTC Holdings audited accounts for 2015 were approved late last year, while our audited accounts for 2016 have already been approved by the authorities this week.

“From April 1, 2017, I will not be available to discuss our Nigerian operations unless required to do so by the parent board.

“In business terms in Nigeria, I would like to be able to concentrate largely on ANAP Business Jets Limited, which I founded a couple of years ago, which I am the Chairman,” he told journalists on Tuesday.

There were mixed reactions from the board members and most staff, as they were seen holding group discussions on what may be the effect of Peterside’s resignition on the bank, given his connection in many cycles.

 

 

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