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Nigeria's Stanbic IBTC aims to carry out 20.4 bln naira rights issue this year
July 14, 2015 / 2:50 PM / in 2 years

Nigeria's Stanbic IBTC aims to carry out 20.4 bln naira rights issue this year

LAGOS, July 14 (Reuters) - Nigeria’s Stanbic IBTC aims to carry out a 20.4 billion naira ($102.6 million) rights issue this year and seek shareholders’ vote to distribute a scrip dividend to boost its capital base, the lender said on Tuesday.

Chief Executive Sola David-Borha said she expected increased regulatory pressure to weigh on industry profits this year and that the bank had revised its 2015 loan growth down to 10 percent, the lower end of its guidance range.

The mid-tier lender said its South African parent bank Standard Bank was supportive of the cash call and that a price for the share sale would be set after regulatory approvals had been received.

$1 = 198.9000 naira Reporting by Chijioke Ohuocha; Editing by Pravin Char

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