Stanbic IBTC Bank Salary Structure In Nigeria (2021)

This article is about Stanbic IBTC Bank salary structure in Nigeria this 2021 so that our readers may be enlightened on just how much this top financial institution in the country pays their employees, especially their entry level workers, as well as some other members of staff at different levels and positions per month.

Stanbic IBTC Bank Salary Structure In Nigeria

Stanbic IBTC Bank PLC, is a leading commercial bank in Nigeria and it is a great place for many of the country’s university graduates to work at. The bank also pays interesting monthly salaries as we shall see shortly and their mode of operation is quite unique when you compare them to other top financial institutions in the country.

It is very rare for you to hear that this bank has issues with how they operate or that their customer service is very poor. They are a bank founded and maintained with excellence as their second name. If you wish to work with Stanbic IBTC PLC and you want to know more about their salary scale range, Nigerian Guide will bring you that in a little while but before then, let us look at a brief history of the bank.

STANBIC IBTC BANK (NIGERIA) PLC: COMPANY OVERVIEW

Stanbic IBTC Bank is a Nigerian commercial bank under Stanbic IBTC Holdings, a member of the Standard Bank Group, a financial services giant headquartered in South Africa. On February 2, 1989, Investment Banking and Trust Company Plc (IBTC) was established with Atedo Peterside as Chief Executive Officer. With the Central Bank of Nigeria (CBN) announcing its re-capitalization programme for commercial banks in the year 2005, it meant that all commercial banks in the country had to have a minimum of ₦25 billion capital base.

This directive by the Central Bank of Nigeria (CBN) led to the merger of Investment Banking and Trust Company (IBTC) with Chartered Bank PLC and Regent Bank PLC on December 19, 2005 to establish IBTC Chartered Bank PLC with a total asset base of ₦125 billion after which the new bank was listed on the Nigerian Stock Exchange (NSE).

Stanbic Bank Nigeria Limited on the other hand, was established in the year 1991 when Standard Bank Investment Corporation (STANBIC Bank), acquired the African operations of ANZ Grindlays Bank. The name was later changed to Stanbic Bank Nigeria Limited and was a wholly owned subsidiary of Stanbic Africa Holdings Limited (SAHL).

IBTC Chartered Bank PLC merged with Stanbic Bank Nigeria on September 24, 2007 after which Stanbic Africa Holdings Limited on behalf of Standard Bank tendered an offer for the acquisition of additional IBTC shares in order to attain majority shares in the merged business. This resulted in SAHL having a majority shareholding 50.75% up from 33.33% as at the merger date. The business name was subsequently changed to Stanbic IBTC Holdings PLC and resumed trading on the Nigerian Stock Exchange (NSE).

Presently, Stanbic IBTC Bank PLC offers current, savings, and domiciliary accounts; personal loans, vehicle and asset finance; MasterCard debit cards, Visa credit cards; home loans; internet banking; small and medium scale enterprise (SME) loans and the award-winning *909# Mobile Money. They cater for both individuals and businesses through carefully designed retail and business banking products, while also offer self-service channels powered by sophisticated technology to bring convenient banking to customers.

Their clients can also get custodial services through Stanbic Nominees Nigeria Limited, which is their custody arm and non-pension asset custodian, acting in a nominee capacity for clients’ transactions in securities and other investments. Stanbic IBTC Bank PLC is a key player in financial inclusion and the company is poised to take banking to the doorsteps of their customers; taking care of the banking needs of different categories of persons and businesses.

STANBIC IBTC BANK SALARY STRUCTURE IN NIGERIA 2021: HOW MUCH THEY PAY THEIR WORKERS

We shall focus on the salary structure of graduate trainees, entry level workers as well as other members of staff take a cursory look at the pay range of Stanbic IBTC Bank PLC employees in Nigeria currently.

STANBIC IBTC BANK GRADUATE TRAINEES SALARY SCALE IN NIGERIA TODAY

Graduate trainees at Stanbic IBTC Bank Nigeria earn salaries within the pay range of ₦30,000 – ₦55,000 per month throughout the duration of their training period after which the successful ones are absorbed into the bank at entry level and their salaries are reviewed and increased accordingly.

CONTRACT STAFF SALARY STRUCTURE AT STANBIC IBTC BANK IN NIGERIA

Contract workers at Stanbic IBTC Bank are paid monthly salaries within the scale of ₦60,000 – ₦70,000 which totals a yearly sum in the range between ₦720,000 – ₦840,000. They may be staffed after a number of years and this requires meeting some specific targets at the bank.

STANBIC IBTC BANK TELLERS SALARY SCALE IN NIGERIA

Bank Tellers at Stanbic IBTC are paid an average monthly salary in the range between ₦50,000 – ₦70,000 and this amounts to a yearly take home pay in the range between ₦600,000 – ₦840,000.

CUSTOMER SERVICE OFFICERS SALARY SCALE AT STANBIC IBTC NIGERIA PLC

Customer Service Officers at Stanbic IBTC Bank in Nigeria are paid salaries in the range between ₦55,000 – ₦70,000 per month. This totals a yearly sum of ₦660,000 – ₦840,000.

HOW MUCH ENTRY LEVEL STAFF ARE PAID PER MONTH AT STANBIC IBTC BANK IN NIGERIA

On the average, the basic salary structure for entry level workers at Stanbic IBTC Bank in Nigeria this 2021 is about ₦107,000 per month. Entry level salaries for employees at Stanbic IBTC Bank in the country ranges around the pay scale between ₦95,000 – ₦120,000 monthly. This totals a yearly sum of ₦1.1 million – ₦1.4 million.

DIGITAL MARKETERS SALARY AT STANBIC IBTC BANK IN NIGERIA

Digital Marketers at the bank are paid average monthly salaries ranging between ₦76,000 – ₦80,000, which totals a yearly salary between the price range of ₦912,009 – ₦960,000.

SALARY STRUCTURE OF STANBIC IBTC BANK SENIOR BANKING EXECUTIVES IN NIGERIA

Senior banking executives at the bank are paid ₦350,000 or more per month excluding allowances and bonuses.

The Author

Maduawuchi Obialo

Maduawuchi Obialo is the founder of Nigerian Guide and an Editor at Nigerian Infopedia. He is a professional Web Content Developer and a Biochemist.

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