CBN Approves Sterling Bank’s Subsidiary, Alternative Bank Limited
An Approval-in-Principle for a standalone license for Sterling Bank’s non-interest banking business, the proposed Alternative Bank Limited, has put a break to its investors’ one-month-long loss. Information Guide Nigeria
RIPPLES NIGERIA, in the last one month, from November 10 to Tuesday, the total investment value of Sterling Bank’s investors had depreciated by 5.80 percent, losing N2.59 billion in the process.
According to RIPPLES NIGERIA, the market value had dropped to N42.03 billion as of Tuesday, against the N44.63 billion on November 10, as the capital market priced Sterling Bank stock low, dragging it to N1.46kobo per share, from N1.55kobo.
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The free fall ended on Wednesday, with the share value rising 2.05 percent as news broke that the lender had received approval to establish Alternative Bank Limited from the bank regulator, Central Bank of Nigeria (CBN).
Ripples Nigeria understands the creditor had also applied and received approval-in-principle to restructure into a holding company (HoldCo), under which Sterling Bank, Alternative Bank Limited, and other prospective ventures will fall.
According to RIPPLES NIGERIA, commenting on the operation of Alternative Bank Limited, the lender stated that it will, “focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving an individual’s daily financial needs. Jamb result
“The overall business will focus on social impact, corporate responsibility, and ensure religious compliance in all its dealings.”
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