The proposed merger between IBTC Chartered Bank and Stanbic Bank Plc has received the approval of the apex bank in Nigeria, the Central bank of Nigeria.

It would be recalled that the two companies agreed to merge, with Standard Bank of South Africa aquiring 55 percent equity in IBTC. Standard Chartered Bank of South Africa is the parent body overseeing the activities of Stanbic Bank Nigeria Plc.

After the conclusion of the deal, IBTC will still retain its name, but will be listed as a company under Standard Chartered Group.

Standard Chartered Bank is refuted to be the largest bank in Africa, and this would see the new IBTC having shareholders funds in excess of N60 billion.