Stanbic IBTC founder, Peterside, retires after 35 years active service

The founder of Stanbic IBTC Bank, Atedo Peterside, has retired as a non-executive director of the lender.

In a filling at Johannesburg Stock Exchange (JSE) dated 18 April 2024, Standard Bank Group by the parent company, Standard Chartered Bank, the lender disclosed that Dr Xueqing Guan and Mr Atedo Peterside would retire as directors after the Annual General Meetings (“AGMs’) of Standard Bank Group and The Standard Bank of South Africa Limited (“SBSA”).

The AGM is scheduled to be held today, June 10 2024 and 23 May 2024 respectively.

Stanbic IBTC Holdings PLC is a member of Standard Bank Group and a leading end-to-end financial institution in Nigeria.

“Shareholders are advised that, under the provisions of paragraph 3.59(b) of the JSE Listings Requirements and paragraph 6.39(b) of the JSE Debt Listings Requirements, Dr Guan and Mr Peterside are required, in terms of the Memoranda of Incorporation of Standard Bank Group and SBSA, to retire by rotation at the respective companies’ AGMs, “ the notice read in part.

Both directors have formally advised the Company and SBSA that they will not make themselves available for re-election.

Consequently, they will step down from the boards and board committees that they serve on, after the AGMs.

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“As indicated in the SENS announcement dated 28 March 2024, the notice of the Standard Bank Group’s AGM will be published on 29 April 2024.

“The boards of Standard Bank Group and SBSA express sincere gratitude to Dr Guan and Mr Peterside for their exemplary leadership and significant contribution during their tenure on the boards; and wish them well in their future endeavours, “ it further stated.

Atedo Peterside, a businessman and banker, was the founder and chief executive of the then Investment Bank and Trust Company Limited (IBTC) from 1989 until 2007.

He served as chairman of Stanbic IBTC Bank Plc (the bank) from 2007 until September 2014 and chairman of Stanbic IBTC Holdings Plc from 2012 until March 2017

Previously, he was the chairman of the committee on Corporate Governance of Public Companies which wrote the first Code of Best Practices for Public Companies operating in Nigeria (published 2003).

Peterside who took to his X handle today stated that appreciated both lenders: StanbicIBTC & @StandardBank ZA, saying “This has been an incredible 35-year journey that ends today, 10 June 2024.

“Every single day since February 2, 1989, I have been either the CEO, Chairman or a Bank Director. All good things must come to an end. I give God the glory at age 68.”

NIGERIAN TRIBUNE