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Stanbic IBTC bank is a commercial bank in Nigeria that has been in operation for years.
The bank is a registered member of the Standard Bank Group and it was incorporated in 1989.
With multiple branches across the Nigerian states, Stanbic IBTC bank happens to be a bank of interest to many Nigerians as they provide various financial services.
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Swift code for Stanbic bank
What is Stanbic bank swift code? The word SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication; it is a financial body that handles the SWIFT codes.
SWIFT codes are nothing more than bank identifier codes, they are codes that represent and refer to a particular bank.
The main use of SWIFT codes is to process money transfers between banks more importantly international money transfers.
With the SWIFT code of your bank, you will be able to receive the money transferred to your account from overseas.
Aside from money transfers, SWIFT codes are also used for communication between banks.
They are used to send messages across and they ensure that the messages get delivered rightly.
Stanbic IBTC SWIFT Code
SWIFT code of Stanbic IBTC Bank, Nigeria is SBICNGLA.
It is used to process money transfers and payments into all accounts registered with Stanbic IBTC bank. To be able to remember the code easily, you need to figure out how it was formed.
How swift code for Stanbic bank was Formed
The Stanbic IBTC bank SWIFT code (SBICNGLA) has an 8-digit code that represents the head office of Stanbic IBTC bank which is located at The IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos.
Every other branch of Stanbic IBTC bank comes under the head office so the code covers all of them. How is the code formed? This is how;
The bank code; the first 4 digits of the code – SBIC – is the bank code of Stanbic IBTC bank.
The country code: the next 2 digits after the bank code – NG – is the country code for Nigeria.
The bank location code: the last 2 digits of the code – LA – is the location code of Lagos which is where Stanbic IBTC Bank has its headquarters.
A SWIFT code can also be 11 digits; this is achieved when you add the code of your bank branch.
For example, the code of your bank branch is CAB, you will add it to the 8 digits code and it becomes SBICNGLACAB.
The addition of the bank branch code is not very important unless it is stressed.
Final Note
At this point, you have not found out what the SWIFT code for Stanbic IBTC bank is, you also know how it was formed so you can form it yourself. You can always request your bank SWIFT code from your bank branch when you need it.
This article was updated 5 days ago
