Atedo Peterside Retires from Standard Bank Group After 35 Years

Atedo Peterside, a Nigerian business entrepreneur, has officially retired from his role as a non-executive director of Standard Bank Group Limited, following a 35-year tenure. Standard Bank Group, a significant financial company listed on the Johannesburg Stock Exchange, made the statement.

Peterside, the founder and former chairman of Stanbic IBTC Holdings Plc—a subsidiary of Standard Bank Group listed on the Nigerian Exchange (NGX)—has played a major role in the banking business. His leadership guided the financial institution through many milestones and transformations.

The notable Nigerian businessman, who has contributed significantly to the growth of the Nigerian financial services industry, revealed his decision on Twitter following the group’s Annual General Meeting (AGM). “The retirement age is actually 70, but I believe 35 years is enough, and the succession plans have worked well,” he stated.

The 68-year-old banker is regarded as a titan of Nigeria’s banking sector. He founded Stanbic Investment Banking & Trust Company Limited (IBTC) in 1989 at the age of 33 and served as CEO until its merger with Stanbic Bank Nigeria in 2007. He went on to serve as chairman of Stanbic IBTC Bank Plc till 2014, and then Stanbic IBTC Holdings Plc from 2012 to 2017. His leadership enabled him to launch a number of regulatory efforts.

Stanbic IBTC, a renowned end-to-end financial institution in Nigeria, had total assets of more than $4 billion as of December 31, 2023. It is among the top 16 most valued firms on the NGX, having a market valuation of N683 billion ($450 million). The corporation just reported great financial results for fiscal year 2023, with profits exceeding $100 million.

Atedo Peterside’s influence goes beyond Stanbic IBTC. He previously chaired the group that developed Nigeria’s first Code of Best Practices for Public Companies in 2003. He currently chairs Anap Jets FZE and previously served on the boards of The Standard Bank of South Africa Limited (SBSA) and Standard Bank Group Limited from 2014 till his departure.

Atedo Peterside retains a 1.14 percent holding in Stanbic IBTC, which translates to 133,611,115 ordinary shares worth more than $4.5 million. This stake strengthens his status as one of the group’s major investors and a prominent player among Nigeria’s wealthiest individuals.

While Peterside’s retirement from the board marks the end of a long-term association, his achievements to Standard Bank and Nigeria’s financial system are unquestionable. The focus now shifts to Standard Bank’s succession plans and the potential implications on future growth and market leadership.

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