Stanbic IBTC Bank has responded to its reported violation of the Banks and Other Financial Institutions Act, 2020.
The reaction of the bank was contained in a statement on Thursday by its Management and made available to newsmen.
The statement said: “Stanbic IBTC Bank has recently become aware of certain misinformation circulating with respect to its loans to Directors in 2022.
“As a socially responsible corporate organisation, Stanbic IBTC Bank is aware of the significance of maintaining transparency and integrity in all its processes. It is therefore necessary to address these allegations promptly and directly.
“It is important to clarify that the Bank’s lending policies are uniform according to the categories of loan applications received. All loans, regardless of who the recipients may be, undergo a thorough and rigorous review process.
“This process ensures that every loan is made on a justifiable basis and in accordance with the Bank’s stringent lending policies; and these policies are in place not only in adherence to legal requirements, but also to uphold our commitment to fairness and integrity.
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“The Bank’s board members are not exempt from these procedures or the Bank’s internal credit and risk policies as the loans were approved by the appropriate credit committees and were made on commercial terms.
“Stanbic IBTC Bank remains committed to conducting its business in a responsible and ethical manner. The Bank will continue to adhere to all applicable laws and regulations, and will maintain the highest standards of Corporate Governance.”
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