CfC Stanbic Holdings shareholders have overwhelmingly approved the name change from CfC Stanbic to Stanbic at an Extraordinary General Meeting held in Nairobi today.
The shareholders unanimously voted in favour of the name change that will see both the Holdings company and the bank drop CfC and pave the way for the formal adoption of the Stanbic Bank brand with CfC Stanbic Bank becoming Stanbic Bank and CfC Stanbic Holdings becoming Stanbic Holdings Plc.
Speaking at the EGM held at the National Museums of Kenya, Louis Leakey Auditorium, Chief Executive of CfC Stanbic Bank Philip Odera said:
“We are delighted that the shareholders have given the proposal a thumbs-up which means we can now align ourselves from a naming and branding convention to our parent company – Standard Bank Group which boasts of an iconic and recognizable brand equity across the continent.”
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Even as regulatory approval is awaited, with the passing of this resolution, the bank enters a new chapter as it takes the first step towards the provision of its clients and customers with a seamless one brand experience across 20 countries on the continent irrespective of the country that they are in.
In June 2008, Standard Bank Group merged its Kenyan operation then, Stanbic Bank Kenya, with CfC Bank Limited, which included CfC Bank, Heritage Insurance, CfC Life and CfC Financial Services giving birth to CfC Stanbic Holdings as the listed entity. April 2011 saw the demerger of the insurance and banking business. CfC Stanbic Bank and CfC Financial Service (now SBG Securities) became subsidiaries of CfC Stanbic Holdings, while the insurance businesses became subsidiaries of Liberty Life.