Stanbic IBTC Holdings Plc Friday said it now had in place the go-ahead of regulatory authorities to complete a diversification process that would birth a new subsidiary in the insurance market.
The National Insurance Commission, watchdog for the insurance industry in Africa’s biggest economy, has also bestowed its blessing on Stanbic IBTC’s bid by handing out a licence for the take-off.
The new operation will be known by ‘Stanbic IBTC Insurance Limited (SIIL),’ the holdco said in its note to the Nigerian Stock Exchange (NSE) on Friday.
Stanbic IBTC, the Nigerian unit of Johannesburg-based Standard Bank Group, announced in July it would take a chance at insurance by setting up a wholly-owned life insurance arm.
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“The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria,” the document said.
“In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.”
Shares in Stanbic IBTC closed on the NSE on Friday at N42.35 per share.
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