NIGERIA - Stanbic IBTC Bank PLC (SIBTC)

This proposed facility to Stanbic IBTC Bank PLC (SIBTC) involves the deployment of a Tier 2 compliant Subordinated Debt to help strengthen Stanbic’s economic and regulatory capital in line with prudential requirements. The sub-debt will have a tenor of 10 years, callable at 5.5 years, and with a grace Period of 5.5 years on the principal. This project will promote job creation, financial inclusion, and youth empowerment as well as increased tax revenue to the national and state governments. The proposed intervention will support national poverty reduction efforts as well as facilitate national development. It is also expected to facilitate access to social and economic facilities for people in poor urban and rural regions, thereby contributing to inclusive growth. The project contributes to climate finance, with 31 million USD of the total approved amount dedicated to mitigation.