Sterling Bank appoints two directors

Sterling Bank appoints two directors

Sterling Bank appoints two directors   Sterling Bank Plc has announced the appointment of Ankala Prasad and Paritosh Tripathi as non-executive directors in replacement of Ramesh Rajapur and Grama Narasimhan on the board of the babk. According to a regulatory notice filed by the firm at the Nigerian Stock Exchange (NSE), the appointments are subject to the approval of the Central Bank of Nigeria. Prasad is presently the Country Head and Chief Executive Officer, Executive Committee of State Bank of India’s South African operations. According to the statement, Prasad joined…

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Sterling Bank projects N37bn earnings, N3.7bn profit in Q2 2021

Sterling Bank appoints two directors

Sterling Bank projects N37bn earnings, N3.7bn profit in Q2 2021   Sterling Bank Plc, one of Nigerian commercial banks quoted at the Nigerian Stock Exchange said it expects to net N37.049 billion gross earnings in the second quarter of the year spanning April 1 to June 30, 2021. Its cashflow projection for the period filed at the Nigerian bourse also indicates that the lender is looking to realise 10.1% of the earnings, amounting to N3.742 billion as profit for the three-month period after fulfilling expected tax obligations totalling N325.348 million…

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Sterling Bank pledges N10bn support for Nigeria’s ailing tourism

Sterling Bank pledges N10bn support for Nigeria’s ailing tourism

Sterling Bank Plc has pledged a N10 billion facility for the recovery of domestic tourism sector in the country post-COVID-19. This is based on the intelligence that the sector is one of the most hit industries by the heavy blow of novel Coronavirus pandemic, such that the United Nation (UN) has estimated that the sector loss $320 billion in exports in the first five months of the year and more than 120 million jobs at risk. Abubakar Suleiman, the chief executive officer of Sterling bank, revealed the lender’s plan to…

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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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