Chief Atedo N A Peterside,has yesterday resigned as the Chairman of the Stanbic IBTC Group, in a letter he sent to the directors of the bank.

Peterside said in the letter addressed to the directors that “having served as the Chief Executive Officer of IBTC from inception in 1989 and all the way up until the merger that created Stanbic IBTC Bank Plc in 2007 and as Chairman thereafter, I believe this is the ideal time for me to resign from the Board of Stanbic IBTC Holdings Plc with effect from the close of business on 31 March, 2017 and to move on.” 

He added that “we have a strong tradition of careful succession planning at both Stanbic IBTC and the Standard Bank Group. I look forward to a new chapter where my interactions with Stanbic IBTC will be exclusively from the outside and/or from Johannesburg, i.e. looking in from the outside like every other parent company Non-Executive does when looking at all the Group subsidiary operations across the Africa regions.

He said the protracted dispute with the Financial Reporting Council FRC led him to stay on as Group Chairman in Nigeria for much longer than he would have liked, as everything was on course for my planned departure in 2015 from the Stanbic IBTC Holdings Plc Board.