{"id":32879,"date":"2020-11-27T20:35:09","date_gmt":"2020-11-27T20:35:09","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=32879"},"modified":"2020-11-27T20:35:09","modified_gmt":"2020-11-27T20:35:09","slug":"stanbic-ibtc-branches-out-into-insurance-business","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/stanbic-ibtc-branches-out-into-insurance-business","title":{"rendered":"Stanbic IBTC branches out into insurance business"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.com\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.com\/nigeria\">Nigeria<\/a>. <\/strong><\/span>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.<\/p>\n<p>The National Insurance Commission, watchdog for the insurance industry in Africa\u2019s biggest economy, has also bestowed its blessing on Stanbic IBTC\u2019s bid by handing out a licence for the take-off.<\/p>\n<p>The new operation will be known by \u2018Stanbic IBTC Insurance Limited (SIIL),\u2019 the holdco said in its note to the Nigerian Stock Exchange (NSE) on Friday.<\/p>\n<p>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.<\/p>\n<p><b>READ ALSO: Stanbic IBTC proposes N21bn final dividend<\/b><\/p>\n<p>\u201cThe 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,\u201d the document said.<\/p>\n<p>\u201cIn 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.\u201d<\/p>\n<p>Shares in Stanbic IBTC closed on the NSE on Friday at N42.35 per share.<\/p>\n<p>Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. 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\u2019s biggest economy, has also bestowed its blessing on Stanbic IBTC\u2019s [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":32878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1728,254,1727],"class_list":["post-32879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-insurance","tag-nigeria","tag-stanbic-ibtc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Stanbic IBTC branches out into insurance business - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/stanbic-ibtc-branches-out-into-insurance-business\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanbic IBTC branches out into insurance business\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Nigeria. 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. 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