Stanbic IBTC,  a unit of South Africa’s Standard Bank Group, has revealed that plans to transfer its subsidiary into newly-formed holding company will not take effect till the bank gets shareholders’ approval.

The Stanbic’s chief executive, Chief Executive Sola David-Borha, in a statement made available to BusinessDay, said the reason for adopting the new structure is to consolidate the Stanbic IBTC’s goal of building Nigeria’s leading end-to-end financial services organization.

According to the bank, the new holding company called Stanbic IBTC Holding Plc will house its banking, pensions and asset management business; it is expected to come into effect in August.

Stanbic’s  move from its present structure to a holding coming is in accordance to the Central Bank of Nigeria’s (CBN) regulatory requirements which implores banks to separate core lending from other businesses.

It would be recalled that in 2010, Nigeria’s apex bank CBN scrapped the universal banking model and directed lenders in the nation, compelling them to sell their stake in non-banking subsidiaries or adopt a holding company structure.