Stanbic IBTC Holdings Plc said it has obtained all required regulatory approvals as well as a license from the National Insurance Commission (NAICOM) to establish a wholly-owned life insurance subsidiary.
The company is to be known and referred to as Stanbic IBTC Insurance Limited (SIIL).
The company was among five new insurance companies whose licenses were handed over to their respective management by NAICOM in Abuja penultimate week.
A statement from the Stanbic IBTC said the establishment of the new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria.
“In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred insurer in the Life Insurance Business”, the company said.
The statement, said Stanbic IBTC Holdings, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – corporate and investment banking, personal and business banking and wealth management.
The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1 per cent shareholding.
In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets.