Stanbic IBTC Holdings has commenced the process of establishing a wholly-owned life insurance subsidiary company.
In a statement signed by the Company Secretary, Chidi Okezie, and made available to the Nigerian Stock Exchange, the lender said the new insurance company would be called Stanbic IBTC Insurance Limited.
However, it said the proposed subsidiary is subject to regulatory approvals and licence from the National Insurance Commission.
The statement rad in part, “Stanbic IBTC Holdings PLC (‘Stanbic IBTC’ or ‘The Company’) wishes to announce that it has commenced the process of seeking regulatory approval to establish a wholly-owned life insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited.
“The commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission.
“Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.”
