Business

Lender discontinues BDC business

Stanbic IBTC Holdings Plc has announced that its Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change Limited (Stanbic IBTC BDC), has discontinued its Bureau de Change business with effect from 01 January 2021 by relinquishing its operating license.

The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide. According to a statement signed by Chidi Okezie, Company Secretary, the intention is to repurpose the subsidiary for other business venture in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard. Stanbic IBTC posted a profit after tax of N66.163 billion for the nine months ended September 30, 2020.

This represents an increase of 19.10 per cent over its profit after tax of 2019 which was N55.552 billion. Profit before tax for the June ended was N76.865 billion, representing a 12.86 per cent increase over 2019 figures, which stood at N68.108 billion. The group gross earnings stood at N183.286 billion from N176.157 billion, accounting for a growth of 4.05 per cent.

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