By Peter Egwuatu
Fitch Ratings, the global leader in credit ratings and research, has re-affirmed the national ratings of United Bank for Africa, UBA Subsidiaries and Stanbic IBTC Bank PLC (SIBTC) and its holding company, Stanbic IBTC Holdings Plc, in spite of the inclement operating environment, market volaatility and present recession in Nigerian economy.
Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDR) of United Bank for Africa, Cameroon (UBA CAM), United Bank for Africa, Senegal (UBA SEN) and United Bank for Africa, Ghana (UBA Ghana) at ‘B’. The three banks are subsidiaries of Nigeria’s United Bank for Africa Plc (UBA). UBA controls 100% of UBA CAM, 86% of UBA SEN and 91% of UBA Ghana.
The Long-Term IDRs of UBA CAM, UBA SEN and UBA Ghana are driven by their stand alone financial strength, as defined by their ‘b-’ Viability Ratings (VR), and are also underpinned by Fitch’s view of potential support from UBA Group. The VRs of the three subsidiaries are constrained by the weak environments in which they operate.
For Stanbic IBTC and its holding company, Fitch Ratings stated that both institutions have the ability to meet their financial commitments as they fall due. The national rating provides a relative measure of credit worthiness for rated institutions in Nigeria and the AAA national rating is assigned to an institution with the lowest relative risk.
In arriving at the rating for Stanbic IBTC, Fitch took account of the strong parental support from Standard Bank Group, to which Stanbic IBTC Holdings Plc belongs, as the group provides support in such areas as staff training, provision of information technology upgrades and best practice processes as well as strong corporate governance practices.
Chief Executive of Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, said the ratings reflect the financial institution’s strength, strong leadership and unyielding support of its parent company. He reiterated Stanbic IBTC’s commitment to the Nigerian market and pledged that it will continue to provide support to all sectors of the economy in moving individuals and businesses forward.
CHECK OUT THESE INTERESTING STORIES:
- UBA Wins Most Innovative Bank Of The Year Award
- Access Bank sells pension stake to Stanbic IBTC
- Fitch Revises Outlook On Zenith, FCMB, Diamond, Union Bank To Negative
- Fitch re-affirms BoI’s rating at AA+
- Fidelity Bank appoints Aigbe to ‘realign’ its strategic vision
- NSE: Banking stocks moves index higher by 13bps
- Rolls-Royce loses $5.7bn to corruption in Nigeria, others
- Stanbic IBTC Launch New Financial Services Mobile App
- U.S Confirms Trump’s Call to Buhari, Publishes on white house site
- FG Asks Goldman, Stanbic To Help Sell Debut “Diaspora Bond”
- Teenage Sex Trade Booms In Asaba, Delta State
- Massive Admin Staff Recruitment at Access Bank Plc – Nationwide
- Nigeria’s Adeniyi Adeyemi heads World Youth Organisation
- Nigeria listed among world’s most powerful economies by 2030
- US Offers To Assist Nigeria In Countering Terrorism As Security Chief Visits NAF Headquarters
- How PDP’s United Forum of Democrats Can resurrect the face of Opposition
- Trump Calls Buhari, promises new military deal against Boko Haram
- Incredible Ibrahimovic: Stats show only Ronaldo compares to Zlatan
- Japan will not repeat war atrocities
- Xenophobic Attacks: Dabiri-Erewa Seeks protection of foreigners