Stanbic IBTC Holdings Plc, one of Nigeria’s leading financial institutions, said it has finally received the required regulatory approval and a licence from the National Insurance Commission to create a wholly-owned Life Insurance subsidiary.
According to the statement put out by the company, the new subsidiary will be referred to as Stanbic IBTC Insurance Limited (SILL).
Stanbic first announced its plans to create a wholly-owned Life Insurance subsidiary a few months ago, when it claimed it was awaiting regulatory approvals and license to finalise the establishment.
As the organisation received all necessary approvals, it said the new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC.
It 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.
“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding.
In addition, “Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets.
“Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent. Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”