IFC invests in IBTC Chartered Bank Plc
January 26th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The international finance corporation (IFC), which is an investment arm of the world bank has made an equity investment of 3.54 percent in IBTC Chartered Bank Plc.
Predicated on this agreement, the international financial institution is buying 422,729,047 ordinary shares of 50 kobo each in the Nigerian company. This figure represents 3.54 percent of the issued and fully paid up capital of the bank which currently stands at N6.25 billion, comprising 12.5 billion ordinary shares of 50 kobo each.
It is believed that this partnership is a clear indication of the confidence the IFC has in the bank as well as the Nigerian financial sector. Also, IBTC in its present status is well positioned to capitalize on the opportunities afforded by the ongoing reforms in the financial sector and the Nigerian economy at large.
The IFC supports financial institutions in emerging markets to expand their reach and development impact, given the key role they play in overall economic and private sector development.
IBTC Chartered Bank Plc is the product of the merger between IBTC and Chartered Bank Plc. The company is listed on the Nigerian Stock Exchange and is among those attracting the attention o investors at the moment.
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