Sterling Bank rejigs to become a holding company

sterling bank restructure to become an holding company

Sterling Bank has secured approval in principle from the Central Bank of Nigeria to enable it restructure as a holdings company. In a filing at the Nigerian Stock Exchange (NSE), Abubakar Suleiman, the chief executive officer of the bank said the bank’s desire to operate as a Holding Company was driven by its plan to spin off its Non-Interest Banking window which became operational in January 2014 into an autonomous entity. According to him, Sterling Bank believes that the proposed structure incorporates efficiencies around operations and financing efforts that will…

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