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Sterling Bank Restructures, Set To Change Name

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Abubakar Suleiman, MD Sterling Bank Plc

After receiving shareholders’ approval on Monday to convert from core business to a holding company, Sterling Bank Plc has announced that it will take a new name.

According to a disclosure filed on the Nigerian Exchange Limited’s website, the lender will become known as Sterling Financial Holdings Company when the transition is delivered
This was disclosed a week after the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

As a holding company, Sterling Bank will be able to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow such as pension; asset management; payments and fintech which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said about its newest subsidiary that received in approval-in-principle in December.

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