Summary of Proposed Investment
Project Number
10156
Company Name
STANBIC IBTC BANK PLC
Date SPI Disclosed
Apr 14, 2000
Country
Nigeria
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : May 31, 2000
Signed : Apr 18, 2001
Invested : Jun 6, 2001
Project Description
Summary Of Project Information (SPI)
RegionSub-Saharan Africa
Sector
Project No010156
Projected Board DateMay 23, 2000
Company NameInvestment Banking & Trust Company Ltd.
Technical Partner and/or Major Shareholders
The sponsor is Investment Banking & Trust Company Ltd. (IBTC). IBTC is a merchant/investment bank established in 1989 as a limited liability company in Lagos, Nigeria. The bank is owned and managed by private sector Nigeria citizens. The major shareholders of the bank are its management and staff.
Project Cost Including proposed IFC investment
IFC participation is an A loan estimated at US$ 20.0 million.
Location of project and Description of site
IBTC is located in Lagos, Nigeria.
Description of Company and Purpose of Project
IBTC has established itself as the leading providers of wholesale banking and financial services products in the Nigerian market and has a strong market share in the areas of its specialization including mergers & acquisitions, divestitures, corporate, project and trade finance as well as in general corporate restructuring.
The project involves an IFC term loan of up to US$20.0 million to IBTC to be on-lent to private Nigerian enterprises for rehabilitation, project finance, trade finance, working capital and new investment projects. A recent mission by both the World bank and IFC concluded that the provision of significant term-finance resources to Nigeria’s private sector is of an immediate priority in reviving the country''s economy. The proposed investment is therefore intended to address some of this demand. The project is part of an overall IFC/World Bank strategy to strengthen Nigeria''s financial sector with the provision of term resources, capacity building, equity participation and technical assistance.
Environmental Category and Issues
This is a Financial Intermediary (FI) Type 2 project according to IFC''s environment review procedure. IBTC will be required to undertake an environmental review of each sub-project to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and if applicable, World bank Group environmental, health and safety guidelines. IFC will assess the Bank''s capability to carry our environmental reviews. IBTC must obtain IFC clearance prior to making any investment with IFC funds in any category A project.
Date SPI sent to InfoShop April 14, 2000
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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