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Stanbic IBTC Holdings Plc has announced that it has commenced the process of seeking Regulatory approvals to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited.
The commencement of operations for the proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission (NAICOM).
Accordingly, the bank said it will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.
Nigerian Banks are looking to diversify earnings opportunities following a rash of regulatory pronouncements that have cut into profit growth, FX scarcity and a barely growing economy.