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 A1+(NG), with a Stable Outlook.
The upgrade has made Stanbic IBTC Bank the only financial institution in Nigeria with a rating.
Stanbic IBTC’s sound competitive position, good risk profile, healthy funding and liquidity position underpinned the rating upgrade.
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 continues to harness inherent cross-selling opportunities to serve a wide range of customers and ultimately enhance its financial performance and market position.
Chief Executive, Stanbic IBTC Holdings Plc, Dr. Demola Sogunle, 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.
“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 corporate entities and governmental institutions across the country while our pension subsidiary has remained the delight for pension fund owners.
“Also, as an organisation committed to providing 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 net worth individuals was geared at mobilising long-term capital to support private and public infrastructure projects.”
