IBIC and Standard Bank – the deal of Peterside’s career
For every investment banker there is one deal that stands out in their career. This might be because of its complexity, its size, or the sheer difficulty of closing it. It could be that it is memorable because of the country it was in, and they remember the long queues at the airport, the bad food, the nights out. For some bankers, there are deals that are even more poignant, because they involve something in which the banker has a big stake.
It was said of John Craven when he sold Morgan Grenfell to Deutsche Bank that it was the crowning deal of his career. He had managed to get such a good price for Morgan Grenfell, in which he owned a large stake, that people doubted whether anybody else could have pulled it off. In Lagos, over the past year, Atedo Peterside, chief executive of IBTC Chartered Bank, has been trying to pull off a similar deal that will put the seal on a distinguished career. But this time he is close to selling his own bank, which he set up in 1989.
Peterside, the son of a medical doctor, decided during his university days at the London School of Economics that he wanted to set up his own investment bank. The reason? "I didn’t think the other banks in Nigeria were any good at it, and I wanted to be an entrepreneur," he says. At the end of his studies, he toyed with the idea of getting a job in the City of London or on Wall Street but dismissed it because he feared that once he was outside Nigeria he would never be able to return.