Rand Merchant Bank Nigeria Limited has announced that it served as the lead issuing house for Stanbic IBTC Holdings PLC’s N148 billion rights issue.
In a statement released on Wednesday, RMB highlighted its collaboration with Stanbic IBTC to effectively structure, coordinate, and execute a smooth capital raise, enabling the Group to meet and surpass the revised capital requirements set by the Central Bank of Nigeria (CBN).
This transaction, initiated in response to the CBN’s directive for banking sector recapitalization, has received approval from both the CBN and the Securities and Exchange Commission. RMB managed the entire deal process, providing advice on the deal structure, navigating complex regulatory frameworks under tight deadlines, and implementing a comprehensive investor engagement strategy.
Chidi Iwuchukw, Executive Director and Head of Investment Banking at Rand Merchant Bank Nigeria Limited, commented on the successful completion of the transaction, stating, “We are proud to have led the successful and oversubscribed rights issue for Stanbic IBTC Holdings Plc. This landmark transaction highlights the market’s strong confidence in the Group’s strategic direction and long-term fundamentals. The enthusiastic participation from existing shareholders is a significant endorsement of Stanbic IBTC’s growth trajectory and resilience.”
Bayo Ajayi, Chief Executive Officer of Rand Merchant Bank Nigeria Limited, added, “The successful closure of the Stanbic IBTC Holdings PLC rights issue represents a major milestone in Nigeria’s ongoing banking sector recapitalization. We are honored to have partnered with Stanbic IBTC on this crucial transaction, which not only enhances their capital position but also bolsters investor confidence in their long-term strategy. This outcome showcases the strength of our capital markets platform and our commitment to providing impactful financial solutions that support the growth and resilience of Nigeria’s leading institutions.”
