Bank
Stanbic IBTC Gets Highest GCR Rating AAA(NG) With Stable Outlook
Stanbic IBTC Gets Highest GCR Rating AAA(NG) With Stable Outlook
By Olorunfemi Adejuyigbe
The foremost credit rating agency, Global Credit Ratings (GCR) upgraded the national scale long-term issuer rating assigned to Stanbic IBTC Bank PLC to AAA(NG) from AA+(NG) and affirmed the national scale short-term issuer rating at A1+(NG), with a Stable Outlook. The upgrade made Stanbic IBTC Bank the only financial institution in Nigeria with the rating.
The rating upgrade was underpinned by Stanbic IBTC’s sound competitive position, good risk profile, and healthy funding and liquidity position.
Further supporting the rating was the robust financial and technical support from its parent, Standard Bank Group (“SBG”), the largest banking group in Africa in terms of balance sheet size and earnings.
Leveraging on its membership in the Group, the Bank continued to harness inherent cross-selling opportunities to serve a wide range of customers and ultimately enhanced its financial performance and market position.
In further reiterating the impeccable fundamentals of Stanbic IBTC Bank, the report recognised the Bank’s good asset quality, good capitalization, liquidity, and experienced management team, which had contributed positively to the Bank’s rating.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, commented: “We are excited by this independent assessment of our operations, as it provides an objective opinion on the organisation’s credibility and capacity in meeting short and long-term obligations. It shows the rigorous commitment and detailed process we have continued to demonstrate over the years. It also shows the efficacy of our credit creation model and overall risk management culture including governance as the number one financial solution holding company in Nigeria and our AAA rating further validates our ability to meet all your financial needs”.
Demola noted that besides the new recognition, Stanbic IBTC’s various subsidiaries have continued to provide financial solutions to meet the need of our esteemed customers.
“At Stanbic IBTC, we play vital roles in Nigeria’s economic and infrastructure development. Our solutions have continued to meet the needs of individuals, small and medium scale enterprises, big corporates and governmental institutions across the country while our pension subsidiary has remained the delight for pension fund owners,” he said.
“Also, as an organisation committed to provide the needed financial solutions for infrastructural development in the country, Stanbic IBTC Asset Management championed Nigeria’s infrastructure drive, through the Stanbic IBTC N100 billion Infrastructure Fund. The Fund, which was designed for institutional investors such as pension fund administrators, insurance companies, asset managers, and high networth individuals was geared at mobilising long-term capital to support private and public infrastructure projects,” the Chief Executive said.
In his remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, said the new rating was a testament to the bank’s mandate of enhancing access to credit for all classes of its customers.
“At Stanbic IBTC Bank, we have provided support for small and medium scale enterprises, thereby deepening credit penetration to the low end of the market while various corporate organisations have continued to enjoy our unwavering support. We will continue to leverage our unique capabilities and innovative approach in meeting our short and long-term obligations,” Wole said.
UBA, Mastercard Introduce 75th Anniversary Card with Exclusive Benefits, Discounts
As part of activities to mark its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has teamed up with Mastercard to introduce a special commemorative Debit Card.
This exclusive card offers UBA customers exciting deals and attractive discounts across multiple platforms, enhancing their banking experience in a memorable way.
The commemorative card which was unveiled at the bank’s corporate head office in Marina, Lagos, on Wednesday, is a custom-built card created with the intention of appreciating customers and other users for their loyalty throughout the seven and half decades of impactful journey.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who spoke at the unveiling, emphasised that the card, comes loaded with irresistible benefits aimed at impressing customers, including 25% off purchases on Jumia and $75 cashback on transactions made through AliExpress.
This according to him, symbolizes the shared vision between UBA and Mastercard towards empowering Africans by enhancing customer experience through secure and convenient transactions.
He said, “This new card represents the deepening of our relationship and our shared mission to empower millions of Nigerians and Africans, providing them with access to secure transactions and new opportunities across the continent.
The GMD also disclosed the bank’s plans to unveil similar products across all its subsidiaries, adding, “We are proud of this collaboration, and we are confident that Mastercard’s role in Africa will only grow stronger in the coming years.”
The President, Africa, Mastercard, Mark Elliot, who expressed gratitude to the management of the bank on the partnership, emphasised the importance and potential of the partnership with UBA.
“We are thrilled to be partnering with UBA, which we know is one of the best banks in Africa. For us, it is a privilege to work with a partner that shares our commitment towards digitizing the continent and enhancing customer experience through secure and convenient transactions.”
Elliot who noted the immense opportunities in the African payment ecosystem, said the organisation looks forward to exploring them with UBA. “Africa is currently one of the most attractive payment markets worldwide, and it’s clear that by 2030, the continent will likely become the fastest-growing equity market,” he said.
“Meeting the UBA management is always inspiring, as we always come up with bold and strategic ideas, and today is no exception. We are excited to match our shared ambitions,” Elliot stated.
United Bank for Africa Plc is a leadi
ng Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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