Stanbic IBTC, a member of Standard Bank Group, in the second
quarter of this year, facilitated a staggering $589.84 million capital inflow
into the country, ranking it first among financial institutions that imported
capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its Capital
Importation Q2 2017 Report, stated that Stanbic IBTC accounted for
32.91 percent ($589.84 million or N216.47 billion) of the total share during
the period, representing an increase of 9.12 percent over the $536.78 million
it posted in the first quarter of the year. That brings to $1.127 billion
(N413.62 billion) capital importation by Stanbic IBTC in the first six months
of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard
Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total
$1.792 billion capital importation during the quarter, while the other 22 banks
generated the rest.
According to the report, Portfolio Investments was the key
mover of capital during the quarter, growing by 145.7 percent, followed by
Other Investments, which rose by 95.02 percent, and Foreign Direct Investment
(FDI) by 29.8 percent over the first quarter. In figures, Portfolio
Investment accounted for $770.5 million, or 43.0 percent of the total. In
second place was Other Investments with $747.5 million, or 41.7 percent, and
FDI with $274.4 or 15.3 percent.
The accomplishment reflects Stanbic IBTC strength, strong
leadership and unyielding support of its parent company, the 154 year-old
Standard Bank Group, Africa’s largest financial institution.
Stanbic IBTC has consistently demonstrated its commitment to
the Nigerian market and often pledged that it will continue to provide support
to all sectors of the economy in moving individuals and businesses forward. This
is also in synergy with the drive to build a leading end-to-end financial
solutions institution that offers bespoke products and services to its
clientele.
The NBS report showed that the bulk of capital imported into
Nigeria in Q2 came from the United Kingdom, which accounted for $696.7 million
or 38.87 percent of the total. The second largest value of capital importation
came from the United States with $287.82 million or 16.06 percent.
Stanbic IBTC Holdings PLC is a member of Standard Bank
Group, 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. Stanbic IBTC belongs to the Standard Bank Group,
the largest African financial institution by assets and earnings. It is rooted
in Africa with strategic representation in 20 countries on the African
continent. Standard Bank has been in operation for 154 years and is focused on
building first-class, on-the-ground financial services institutions in
chosen countries in Africa; and connecting selected emerging markets to Africa
by applying sector expertise, particularly in natural resources, power and
infrastructure.
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