Stanbic IBTC Holdings PLC, has announced the closure of operations of its Bureau De Change Subsidiary, Stanbic IBTC Bureau De Change Limited with effect from the beginning of the year.
The bank in announcing the closure of the operations of the outfit said it was also relinquishing the operating licence for the BDC.
The bank in a statement obtained by GWG said the operation of the company had become superfluous in the light of changes to regulations that allow users of foreign exchange to obtain PTAs and BTAs from the bank.
Stanbic IBTC said it would now use its branches to transact the PTA and BTA businesses.
The development is expected to bring some cost savings to the bank as Stanbic IBTC like other Nigerian banks seeks ways to leverage overheads and cut cost in the increasingly competitive market.
The bank said:
“The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.
“The intention is to repurpose this subsidiary for other business venture in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard.”