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Agency Rates STB 3rd Most Capitalised Bank By Amarachukwu Ona Standard Trust Bank Plc (STB) has been ranked the third most capitalised bank in Nigeria, following its Initial Public Offer (IPO), which saw the bank raise more than N8.5 billion in fresh equity from the capital market. The bank's post IPO capital base stands at N20 billion, behind Union Bank of Nigeria and First Bank of Nigeria, which have N35 billion and N33 billion respectively. STB's latest ranking was contained in a report on Nigerian banks, recently published by Global Credit Rating (GCR), a South African-based international rating agency. According to the report, STB's IPO had significant impact on the bank's capital base which surged by N10.1 billion or 107 per cent from N9.3 billion as at July 31, 2003 to N19.4 billion in April 2004. "The bank currently reflects the third largest capital base in the domestic banking sector behind First Bank of Nigeria and Union Bank of Nigeria. "STB remains one of the five largest banks in Nigeria in terms of its asset base and deposit book", the GCR stated in its report. Consequently, GCR has upgraded the long term debt rating of STB from AA- to AA, while short term rating remained stable at A1+. This, according to the report, means that the bank's credit process and risk assets portfolio are considered very good and that adverse changes in business or economic conditions would have little or immaterial impact on the bank's portfolio. With an A1+ short term debt rating, STB has the highest certainty of timely payments and given its solid liquidity profile, an investment note from the bank is relatively risk free, almost like treasury bills. GCR stated in the report that this rating, among other things, is predicated on "the bank's well diversified deposit base and high liquidity ratios". In the last years STB has grown to become one of Nigeria's largest banks, assuming a dominant position in the retail segment of the banking industry. With over 86 business offices linked on-line real time, the bank is widely acclaimed to be the largest branch network in Nigeria. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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