Atedo Peterside has resigned from the Stanbic IBTC board after 35 years as CEO, chairman, and bank director.
This was disclosed by Peterside via its official X account on Monday.
“Today was the Annual General Meeting of Standard Bank Group Limited and I opted not to be re-elected as a Director. The retirement age is actually 70, but I believe 35 years is enough & the succession plans have worked well,” Peterside posted on X
He is stepping down at the age of 68.
Peterside formed the Investment Banking & Trust Company Limited (IBTC) in February 1989, when he was 33. He served as the bank’s CEO until 2007.
IBTC in compliance with the Central Bank of Nigeria’s 2005 directive, requiring all commercial banks to have a minimum capital base of N25 billion, raised the additional capital and acquired two commercial banks, Chartered Bank Plc and Regent Bank Plc, to become a universal bank on December 19, 2005.
It then changed its name to IBTC Chartered Bank plc.
However, on September 24, 2007, IBTC Chartered Bank Plc merged with Stanbic Bank Nigeria Limited to establish Stanbic IBTC Bank Plc, and Peterside was elected Chairman in October 2007.
Peterside was Group Chairman of Stanbic IBTC Holdings Plc from August 2012.
He attained his secondary education at King’s College, Lagos, and obtained a B.Sc degree in Economics from The City University, London.
Peterside earned a Master’s degree (M.Sc.) in Economics from the London School of Economics and Political Science.