Stanbic IBTC, a member of Standard Bank Group, facilitated $589.84 million capital inflow into Nigeria in the second quarter of this year, making it the financial institution that imported the biggest capital into Nigeria in the quarter.
The Nigerian Bureau of Statistics (NBS) disclosed in its Capital Importation Report for the second quarter of 2017 that Stanbic IBTC accounted for 32.91 per cent
(N216.47 billion) of capital infows into Nigeria in the period, 9.12 percent increase from the amount the bank processed in the previous quarter.
Overall, Stanbic has processed $1.127 billion (N413.62 billion) of capital inflows within 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 NBS report, portfolio investments, which grew by 145.7 percent within the quarter to $770.5 million was the key mover of capital during the period as it accounted for 43.0 percent of the total capital imported.
‘Other investments’, which rose by 95.02 percent to $747.5 million, and foreign direct investments (FDI) that grew by 29.8 percent over the first quarter to $274.4 million, were the second and third fastest growing sectors.
Stanbic IBTC’s capital inflows processing feat depicts the strength, strong leadership and unyielding support of its 154 year-old parent company and Africa’s largest financial institution, the Standard Bank Group.
Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged that it will continue to provide support for individuals and businesses in order to grow the economy, consistent 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 United Kingdom accounted for the bulk of capital infows into Africa’s biggest economy Nigeria in the second quarter of the year as inflows from the country grossed
$696.7 million, 38.87 percent of the total capital imported.
Having originated $287.82 million of capital inflows into Nigeria, the U.S. gave Nigeria 16.06 percent of the capital inflows for the quarter, the second largest capital importation from any country.
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.
The Group has a strong footing in Africa, with strategic representation in 20 countries across the 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; it also seeks to connect selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
Stanbic closed stood at N39.25 when market closed at The Nigerian Stock Exchange on Friday, valuing the company at N392.5 billion.
Hope Moses-Ashike
