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5
Balance sheet
analysisB
usiness review
Annual report and
financial statements
Other
information
Overview
4Stan
bic IB
TC
Annual group financial statem
ents for the year ended 31
Decem
ber 20
13
Overview
Our vision and values
Upholding the
highest levels of integrity
Our entire business
model is based on
trust and integrity as perceived by our stakeholders, especially our clients.
Grow
ing our people
We encourage and help
our people to develop to their full potential and m
easure our leaders on how
well they grow
and challenge the people they lead.
Serving our custom
ers
We do everything in our
power to ensure that w
e provide our clients w
ith the products, services and solutions to suit their needs, provided that everything w
e do for them
is based on sound business principles.
Respecting
each other
We have the highest
regard for the dignity of all people. W
e respect each other and w
hat Stanbic IB
TC stands for. W
e recognise that there are corresponding obligations associated w
ith our individual rights.
Delivering to
our shareholders
We understand that w
e earn the right to exist by providing appropriate long-term
returns to our shareholders. W
e try extrem
ely hard to m
eet our various targets and deliver on our com
mitm
ents.
Being proactive
We strive to stay ahead
by anticipating rather than reacting, but our actions are alw
ays carefully considered.
Guarding
againstarrogance
We have confidence in
our ability to achieve am
bitious goals and we
celebrate success, but we
never allow ourselves to
become arrogant.
Working
in teams
We, and all aspects of our
work, are interdependent.
We appreciate that, as
teams, w
e can achieve m
uch greater things than as individuals. W
e value team
s within and across
business units, divisions and countries.
The values that underpin our strategy
To be the leading end-to-end financial solutions provider in Nigeria through innovative
and customer-focused people.
7
Balance sheet
analysisB
usiness review
Annual report and
financial statements
Other
information
Overview
6Stan
bic IB
TC
Annual group financial statem
ents for the year ended 31
Decem
ber 20
13
Overview
Corporate profile
Stanbic IBT
C Holdings is a m
ember of Standard B
ank Group
(SBG
), which is A
frica’s largest banking group ranked by assets and earnings. It has been in business for over 15
0 years.
With a controlling stake of 53.2
% in Stanbic IB
TC Holdings
PLC, Standard B
ank employs over 4
8,0
00
people worldw
ide. W
ith headquarters in South Africa, it operates in 2
0 A
frican countries
and 13
countries
outside A
frica, including
key financial centres in Europe, the U
nited States and Asia.
Our strategy is to position ourselves as the leading end-
to-end financial services solutions provider in Nigeria. W
e offer expert services in three business areas - corporate and investm
ent banking, personal and business banking and w
ealth managem
ent.
With a team
of experienced and client-focused staff, Stanbic IB
TC offers services which include specialised finance, trade
finance, stockbroking, trusteeship, global markets, custodial
services, asset and pension managem
ent, foreign exchange, lending, savings and investm
ent products.
Stanbic IBTC H
oldings has the following eight subsidiaries:
(i) Stanbic IB
TC Bank
(including Stanbic Nom
inees Nigeria Lim
ited)(ii)
Stanbic IBTC Pension M
anagers Limited
(iii) Stanbic IB
TC Asset M
anagement Lim
ited(iv)
Stanbic IBTC Stockbrokers Lim
ited(v)
Stanbic IBTC Trustees Lim
ited(vi)
Stanbic IBTC Ventures Lim
ited(vii)
Stanbic IBTC C
apital Limited
(viii) Stanbic IB
TC Investments Lim
ited
Stanbic IBT
C Bank offers a w
ide range of comm
ercial banking products through our 18
0 branches spread across every state
in Nigeria. W
e also offer self-service channels powered by
sophisticated technology
to bring
convenient banking
to clients.
Am
ong our products are savings, current and domiciliary
accounts; high-yield
current accounts;
vehicle and
asset finance; M
asterCard debit naira cards; V
isa credit card, home
loans; insurance; mobile and internet banking; sm
all- and m
edium-scale enterprise (SM
E) loans and the award-w
inning *9
09
# M
obileMoney. W
e also offer cash managem
ent and transactional solutions com
plemented by electronic banking
solutions, custody services, foreign exchange, money m
arket and credit trading, and international trade services.
Custodial services
are offered
through Stanbic
Nom
inees N
igeria Lim
ited, our
custody arm
and
non-pension asset
custodian, w
hich acts
in a
nominee
capacity for
clients’ transactions in securities and other investm
ents.
We are a key player in financial inclusion and w
e are poised to take banking to the doorsteps of our clients in different personal and business categories w
ho desire the banking services.
Stanbic IBT
C Pension M
anagers Limited is N
igeria’s largest pension
fund adm
inistrator by
number
of clients.
It w
as licensed by the N
ational Pension Comm
ission (PenCom) in
Decem
ber 20
05
to manage retirem
ent savings in line with the
provisions of the Pension Reform
Act of 2
00
4. The company
has exceeded the 1,00
0,0
00
retirement savings accounts
(RSA
s) benchmark and in 2
013 had assets under m
anagement
of over N1.1
trillion.
The com
pany also
manages
special schem
es for
certain categories
of institutions
in the
private sector
and self-
funded public sector that have regulatory approvals under the Pension R
eform A
ct.
Stanbic IBTC Pension M
anagers enables its clients to monitor
their retirement savings accounts through the convenience
of our automated teller m
achines (ATMs) and Stanbic IB
TC m
obile app, thereby bringing services closer to clients. The com
pany enjoys a rich heritage derived from SB
G’s extensive
and proven track record in money m
anagement and long-held
values of protection and enhancement of clients’ w
ealth.
Stanbic IBT
C Asset M
anagement Lim
ited is a wholly-ow
ned asset m
anagement subsidiary of Stanbic IB
TC Holdings and is
regulated by Nigeria’s Securities and Exchange Com
mission
(SEC). The com
pany offers numerous products and services,
ranging from traditional asset classes (equities, fixed-incom
e securities, m
utual funds and dollar-denominated investm
ents) to alternative investm
ent options such as unquoted equities and private equity opportunities. W
ith seven mutual funds
under managem
ent, it is the largest independent (non-pension) asset m
anager in Nigeria.
Stanbic IB
TC’s m
utual funds
cater for
individuals and
institutional clients who seek to earn com
petitive returns in investm
ent instruments in the capital m
arket, by pursuing a diversification strategy w
ith even small am
ounts of investment
capital. Our m
utual funds have outperformed m
arket indices and other m
utual funds in Nigeria and rem
ain the first choice for discerning investors.
Stanbic IBTC A
sset Managem
ent Limited m
anages:
(i)
Stanbic IBTC N
igerian Equity Fund (SINEF)
(ii) Stanbic IB
TC Ethical Fund (SIEF)(iii)
Stanbic IBTC B
alanced Fund (SIBA
L)(iv)
Stanbic IBTC G
uaranteed Investment Fund (SIG
IF)(v)
Stanbic IBTC M
oney Market Fund (SIM
MF)
(vi) Stanbic IB
TC Bond Fund (SIB
ON
D)
(vii) Stanbic IB
TC Um
brella Fund (SIUF)
Stanbic IBTC N
igeria Equity Fund is Nigeria’s largest m
utual fund. The Stanbic IB
TC Money M
arket Fund is the country’s highest rated fund w
ith an AA
(f) in 2013
by Agusto and Co.
This remains the highest rating conferred on a m
utual fund in N
igeria by the rating agency.
Stanbic IBT
C Stockbrokers Limited is the w
holly-owned
stockbroking subsidiary of Stanbic IBTC H
oldings. Licensed by the Securities and Exchange Com
mission, it com
menced
operations in 1992.
The company w
as set up to provide world class stockbroking
services to local and foreign investors in the Nigerian capital
market. It is the largest stockbroker in N
igeria based on the value of shares traded on The N
igerian Stock Exchange.
In 2012
, Stanbic IBTC Stockbrokers Lim
ited was appointed
stockbroker to the government by the D
ebt Managem
ent O
ffice (DM
O) and also is one of the m
arket makers on the
stock exchange.
The com
pany has
acted successfully
as the stockbroker to other m
ajor primary m
arket transactions in
Nigeria.
It is
positioned to
remain
Nigeria’s
leading stockbroking firm
by providing exceptional service to clients w
hile living their values and operating with the highest level
of professionalism and integrity.
Stanbic IBT
C Trustees Limited com
menced operations in
January 2011. The com
pany acts as executors and trustees of w
ills, settlements and trusts of all kinds, w
hether made
by or on behalf of its clients or other parties. The company
also undertakes the execution of wills and trusts of all kinds
within N
igeria. It focuses on providing a best-value offering to individuals and corporate organisations. It seeks to protect interests in assets via tim
ely execution of clients’ wishes to
ensure security and liquidity of trust assets.
Stanbic IBT
C Ventures Lim
ited was established to undertake
venture capital projects on behalf of the group. The company
applies its managerial and technical expertise in this area in
the development of businesses, helping our clients to achieve
their objectives.
Stanbic IBT
C Capital Lim
ited was incorporated as a lim
ited-liability com
pany in May 2
012 ow
ing to the restructuring in Stanbic IB
TC Bank. The com
pany has a strong track record of bringing local issuers to dom
estic capital markets. It is
one of the leading players in debt origination in Nigeria; w
ith expertise in structuring solutions custom
ised to our clients’ specific requirem
ents. The company provides services in the
debt capital and equity capital markets, w
hich include initial public
offerings (IPO
), follow
-on public
equity offerings,
private placements, rights issues and stock exchange listings.
Other services provided include advice in the financial, m
ining, energy and infrastructure fields.
Stanbic IBT
C Investments Lim
ited was incorporated as a
limited liability com
pany in May 2
012. The company acts as an
investment com
pany and the managem
ent and investment of
venture capital funds. Its offerings include property finance, project and structured finance, financial advisory and real estate finance.
9
Balance sheet
analysisB
usiness review
Annual report and
financial statements
Other
information
Overview
8Stan
bic IB
TC
Annual group financial statem
ents for the year ended 31
Decem
ber 20
13
Overview
Corporate profile
Gross reven
ue
Total dep
osits
Total in
come
Gross loan
s and ad
vances
Corporate andInvestm
ent Banking5
2%
Wealth 1
7%
Personal and business banking
31
%
Gross revenue
N5
8.5
billionCorporate and investm
ent banking services to governm
ent, parastatals, larger corporates, financial institutions and
international counter-parties
in Nigeria.
Gross revenue
N3
4.0
billionBanking and other financial services to individual custom
ers and small
to medium
sized enterprises.
Gross revenue
N18
.7 billion
Investment
managem
ent in
form
of asset
managem
ent, pension
fund adm
inistration and trusteeship.
Corporate and
Investment B
anking(CIB)
Personal and
Business B
anking(P
BB
) W
ealth
Corporate andInvestm
ent Banking4
8%
Wealth 2
2%
Personal and business banking
30
%
Corporate andInvestm
ent Banking5
2%
Corporate andInvestm
ent Banking5
6%
Personal and Business Banking
48
%
Personal and Business Banking
44
%
99
.9%
70
.69
9.9
%9
9.9
%9
9.9
%9
9.9
%
Stanbic IBTC
Bank P
LC
Stanbic IBTC
Pension
Managers
Limited
Stanbic IBTC
TrusteesLim
ited
Stanbic IBTC
Nom
ineesN
igeriaLim
ited
Stanbic IBTC
StockbrokersLim
ited
Stanbic IBTC
Asset
Managem
entLim
ited
Stanbic IBTC
Ventures
Limited
Former stru
cture
New
structure
99
.9%
99
.9%
99
.9%
99
.9%
99
.9%
70
.6%
99
.9%
99
.9%
99
.9%
Stanbic IBTC
Holdings P
LC
Stanbic IBTC
Bank P
LCStanbic IB
TCA
sset M
anagement
Limited
Stanbic N
ominees
Nigeria
Limited
Stanbic IBTC
Capital
Limited
Stanbic IBTC
Stockbrokers Lim
ited
Stanbic IBTC
Pension
Managers
Limited
Stanbic IBTC
Trustees Lim
ited
Stanbic IBTC
Investments
Limited
Stanbic IBTC
Ventures
Limited
11
Balance sheet
analysisB
usiness review
Annual report and
financial statements
Other
information
Overview
10
Stanb
ic IBT
C A
nnual group financial statements for the year ended 3
1 D
ecember 2
01
3
Overview
Our netw
ork
1A
ngola
2Botsw
ana
3Cote d’ivoire
4D
RC
5Ethiopia
6G
hana
7Kenya
8Lesotho
9M
alawi
10M
auritius
11M
ozambique
12N
amibia
13N
igeria
14South A
frica
15South Sudan
16Sw
aziland
17Tanzania
18U
ganda
19Zam
bia
20Zim
babwe
10
1120
19
9 174
18
7
5
1513
63
1
2
12
16
8
14
Market capitalisation
R20
9 billion
(USD
20 billion)Total assets
R1,694
billion (U
SD162 billion)
Operating in
20 A
frican countriesand 13
countries outside Africa
Branches
12
FCT Abuja region
15
Lagos Island region
48
Lagos Mainland region
8N
orth Central region
9N
orth East region
22
North W
est region
21
South East region
12
South South region
33
South West region
ATM
s
21
FCT Abuja region
41
Lagos Island region
98
Lagos Mainland region
16
North Central region
13
North East region
38
North W
est region
31
South East region
35
South South region
66
South West region
48
,80
8 em
ployees (2,077 in N
igeria) 1,283
branches (180 in N
igeria) 9,30
0 ATM
s (359 in N
igeria)
Group overview
Nigeria overview
13
Balance sheet
analysisB
usiness review
Annual report and
financial statements
Other
information
Overview
12
Stanb
ic IBT
C A
nnual group financial statements for the year ended 3
1 D
ecember 2
01
3
Overview
Recognition
Aw
ards and Recognition
1. B
est Foreign Exchange P
rovider in Africa and N
igeria G
lobal Finance Aw
ards 20
13
2.
M &
A D
eal of the Year The Banker’s aw
ards (20
13
) for the Tiger Brand’s acquisition of a 6
3 percent stake in N
igeria’s Dangote
Flour Mills
3.
Structured Finance Deal of the Year
(The Banker’s awards (2
01
3) for the U
SD1
50
-million
Skye Bank Rem
ittances Future Flow Securitisation
in Nigeria
4.
Best sub-custodian bank in N
igeria 2013
Global Finance m
agazine awards
5. B
ank of the Year The N
igerian Auto A
wards 2
01
3 (O
n Wheels A
uto A
wards 2
01
3)
6.
Most innovative banking product
Stanbic IBTC Bank consumer loan (Businessday A
nnual A
wards 2
01
3)
7. B
est Investment M
anagement Com
pany in Nigeria
W
orld Finance (awarded to Stanbic IBTC A
sset
Managem
ent)
8.
Best Investm
ent Bank in N
igeria
EMEA
Aw
ards
9. B
est Broker in N
igeria
EMEA
Aw
ards
10. B
est Sub-Custodian in Nigeria
G
lobal Finance Magazine at SIBO
S
11. Best FX P
rovider in Nigeria
G
lobal Finance Magazine at SIBO
S
12. 2
013 B
est Bank in N
igeria Aw
ard
Euromoney R
eal Estate Survey
13. T
he Most active D
ealing Mem
ber Firm
(Stockbroking)
The Nigerian Stock Exchange CEO
Aw
ard 20
13