Stanbic IBTC Holdings Plc is going into the insurance market as it announces plan to establish its own insurance subsidiary, a statement seen by AllNews disclosed. Stanbic IBTC Holdings will not partner with any company to float the new company, as it plans to have full ownership.
According to the company, the insurance company will be called Stanbic IBTC Insurance Limited, and operate as a Life Insurance firm, to compete with FBN Insurance Limited, Mutual Benefits Life Assurance Ltd, Prudential Zenith Life Insurance Company Limited, African Alliance Insurance Company Ltd and others.
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Although the insurance company by Stanbic IBTC Holdings is still in the process of seeking regulatory approval from the National Insurance Commission (NAICOM), "Stanbic IBTC Holdings PLC wishes to announce that it has commenced the process of seeking Regulatory approvals to established wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited.
"The commencement of operations forth is 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." Stanbic IBTC said in the statement obtained by AllNews on NSE.
Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....
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