Stanbic IBTC Holdings drops BDC operating license

STANBIC IBTC Holdings Plc has relinquished its Bureau de Change license, thereby exiting the business effectively January 2021.

Chidi Okezie, its company secretary, last week, said the discontinuation of operations of the BDC business was driven by changes in regulations.

The statement read in part: “Stanbic IBTC Holdings PLC (“Stanbic IBTC” or “the Company”), wishes to announce that its Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change Limited (‘Stanbic IBTC BDC’) has discontinued its Bureau de Change business with effect from January 1, 2021, by relinquishing its operating license.

“The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.

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.

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