Stanbic IBTC launches Nigerian securities lending
12 January 2016 Lagos
Image: Shutterstock
Stanbic IBTC Bank has launched a securities lending product in Nigeria.
The bank will become one of the first registered securities lending agents (SLAs) to operate through the Nigeria’s Central Securities Clearing System’s (CSCS) securities lending facility, which launched in September 2015.
The launch marks the latest of several new products to be introduced to the Nigerian market, including the purchasing managers’ index, a composite index to measure private sector activities to provide an early indication of business conditions in the country.
The bank also launched the Stanbic IBTC Exchange-Traded Fund 30, an index built on the NSE 30 Index, that tracks the 30 most capitalised companies on the Nigerian Stock Exchange.
Yinka Sanni, CEO of Stanbic IBTC Bank, said: “As a member of a global banking group, Stanbic IBTC has a responsibility to help grow the capital market through products and initiatives that could help investors harness investment opportunities that exist in Nigeria.”
“We are delighted to be introducing the Stanbic IBTC securities lending product into the Nigerian market. The product launch is a further demonstration of our commitment to facilitating stability and growth of the Nigerian capital market, via confidence-building initiatives and leveraging investment opportunities in the market. Other derivatives will be introduced in the future.”
Oscar Onyema, CEO of the Nigerian Stock Exchange, noted that various initiatives have been introduced to strengthen the capital market, including derivatives. He described the investment opportunities in the capital market and Nigeria’s economy as “huge”.
“Despite the prevailing challenging operating environment and the attendant indifferent performance of the capital market, characterized by low level investor confidence, there still exists enormous investment opportunities for Nigerians to leverage,” added Onyema.
The bank will become one of the first registered securities lending agents (SLAs) to operate through the Nigeria’s Central Securities Clearing System’s (CSCS) securities lending facility, which launched in September 2015.
The launch marks the latest of several new products to be introduced to the Nigerian market, including the purchasing managers’ index, a composite index to measure private sector activities to provide an early indication of business conditions in the country.
The bank also launched the Stanbic IBTC Exchange-Traded Fund 30, an index built on the NSE 30 Index, that tracks the 30 most capitalised companies on the Nigerian Stock Exchange.
Yinka Sanni, CEO of Stanbic IBTC Bank, said: “As a member of a global banking group, Stanbic IBTC has a responsibility to help grow the capital market through products and initiatives that could help investors harness investment opportunities that exist in Nigeria.”
“We are delighted to be introducing the Stanbic IBTC securities lending product into the Nigerian market. The product launch is a further demonstration of our commitment to facilitating stability and growth of the Nigerian capital market, via confidence-building initiatives and leveraging investment opportunities in the market. Other derivatives will be introduced in the future.”
Oscar Onyema, CEO of the Nigerian Stock Exchange, noted that various initiatives have been introduced to strengthen the capital market, including derivatives. He described the investment opportunities in the capital market and Nigeria’s economy as “huge”.
“Despite the prevailing challenging operating environment and the attendant indifferent performance of the capital market, characterized by low level investor confidence, there still exists enormous investment opportunities for Nigerians to leverage,” added Onyema.
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