Stanbic IBTC Holdings Plc has announced that its Bureau De Change subsidiary, Stanbic IBTC Bureau De Change Limited has discontinued business since January 1, 2021, by relinquishing its operating licence.
The company disclosed this in a statement signed by its secretary, Chidi Okezie.
It explained that the discontinuation of operations of the BDC business was primarily driven by changes in regulations, “which now afford customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.”
It added: “The intention is to repurpose this subsidiary for other business venture in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard.”
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.