Stanbic IBTC Plc ("the bank") was incorporated as a private limited liability company on 2 February, 1989, granted a merchant banking license on 3 February, 1989 and commenced operations on 1 March, 1989. Its merchant banking license was converted into a banking license in January 2002 under universal banking scheme of the Central Bank of Nigeria. It is wholly owned by Nigerian individuals and investors. Its shares are quoted on the Nigerian Stock Exchange. On 19 December, 2005 the bank merged with Chartered Bank Plc and Regent Bank Plc in accordance with the terms of the scheme of merger, subsequently changed its name to IBTC Chartered Bank Plc. On 24 September, 2007 the bank merged with Stanbic Bank Nigeria Limited a wholly owned subsidiary of Stanbic Africa Holding Limited and (SAHL). SAHL a subsidiary of Stanbic Bank Group acquired majority shareholding in IBTC (50.1%) pursuant to the merger on 23 January, 2008. The merged entity is known as Stanbic IBTC Bank Plc.