RMB Nigeria (Rand Merchant Bank Nigeria Limited) is pleased to announce the successful completion of the ₦148bn rights issue undertaken by Stanbic IBTC Holdings PLC ("Stanbic IBTC"). RMB served as the Lead Issuing House on the transaction, working closely with Stanbic IBTC to structure, coordinate, and execute a seamless capital raise that positions the Group to meet and exceed the revised capital threshold set by the Central Bank of Nigeria (“CBN”).
The transaction, which was undertaken on the back of the CBN’s directive on banking sector recapitalization, has now received clearance from both the CBN and the Securities and Exchange Commission. It received strong support from existing shareholders, with high participation from existing investors, and reached a subscription level of 122% reflecting the continued confidence in the bank’s long-term strategy and performance.
Stanbic IBTC is a member of the Standard Bank Group and remains a key player in Nigeria’s financial services landscape. This rights issue further strengthens its capital base and supports its ambition to deepen financial inclusion and drive sustainable growth across its banking, pension, and asset management businesses.
RMB provided end-to-end deal management, advising on deal structure, navigating complex regulatory processes under accelerated timelines, and coordinating an extensive investor engagement strategy.
Speaking on the successful completion of the transaction, Chidi Iwuchukwu, Executive Director & Head of Investment Banking at Rand Merchant Bank Nigeria Limited said, “We are proud to have led the successful and oversubscribed rights issue for Stanbic IBTC Holdings Plc – a landmark transaction that underscores the markets strong conviction in the Group’s strategic direction and long-term fundamentals. The enthusiastic participation by existing shareholders is a powerful endorsement of Stanbic IBTC’s growth trajectory and resilience. This transaction also affirms RMB’s leadership in delivering bold, value-accretive capital market solutions at a defining moment in Nigeria’s banking sector recapitalization.”
Bayo Ajayi, Chief Executive Officer of Rand Merchant Bank Nigeria Limited, added: “The successful close of the Stanbic IBTC Holdings PLC rights issue marks a significant milestone in Nigeria’s ongoing banking sector recapitalization. We are proud to have partnered with Stanbic IBTC on this important transaction, which not only strengthens their capital position but also reinforces investor confidence in their long-term strategy. This outcome reflects the strength of our capital markets platform and our continued focus on delivering impactful financial solutions that support the growth and resilience of Nigeria’s leading institutions.”
