NSE Lists Holding Companies

In line with the Central Bank of Nigeria’s directive that banks operating in the country split up their commercial banking business from other financial service businesses, the Nigerian Stock Exchange (NSE) has commenced the delisting of select banks and the listing of Holding Companies in their stead.

Following the approval of the Quotations Committee of Management at the NSE, the Exchange admitted the shares of Stanbic IBTC Holding Plc into the Daily Official List on Friday November 23, 2012.

In a similar development, the FBN Holdings Plc was listed on the NSE on Monday, November 26, 2012 after the delisting of First Bank of Nigeria Plc.

Both banks had already received the nod of regulators with the bank’ shareholders ratifying the new structure at court-ordered general meetings held in Lagos.

myfinancialintelligence.com