Stanbic IBTC targets N20.4 billion rights issue this year

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Kenyan city residents walk past Stanbic Bank in the capital Nairobi  in a file photo. REUTERS/Antony Njuguna
Kenyan city residents walk past Stanbic Bank in the capital Nairobi in a file photo. REUTERS/Antony Njuguna

LAGOS (Reuters) – Nigeria’s Stanbic IBTC aims to carry out a N20.4 billion ($102.6 million) rights issue this year and seek shareholders’ vote to distribute a scrip dividend to boost its capital base, the lender said on Tuesday.

Chief Executive Sola David-Borha said she expected increased regulatory pressure to weigh on industry profits this year and that the bank had revised its 2015 loan growth down to 10 percent, the lower end of its guidance range.

The mid-tier lender said its South African parent bank Standard Bank was supportive of the cash call and that a price for the share sale would be set after regulatory approvals had been received.

 

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