Mike Adenuga-backed Sterling Bank sees future beyond banking, set to become holdco
As the board awaits approval from the central bank and other regulators, Tier–2 lender Sterling Bank is preparing for the pivotal stage of its development into a holding company and setting out the shape that the future beyond its current traditional banking franchise will take.Infomation Guide Nigeria
The lender hopes to do much more and build capital at scale to outperform the competition when it obtains holdco status. Assets increased by 11.4% quarter over quarter to N1.8 trillion at the end of June.
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThat gives the bank the opportunity to depart from its existing vertical market pattern centered on traditional banking and adopt a model that incorporates other firms within the financial services industry, a privilege that core banking lenders do not now enjoy.
Other Top Stories:
- Agro-firm gives cash to PWDs, farmers in Kaduna
- Nigeria loses 37% oil rig capacity
- Nigeria committed to achieving greener shipping – FG
- Oil price falls to $86/barrel
“The scheme would provide several benefits to the shareholders of the bank, some of which include facilitating diversification into other permissible business lines,” Sterling Bank said in a statement, echoing a comment by the chair of the board, Asue Ighodalo.Jamb Result
Mike Adenuga, Africa’s sixth richest man and Nigeria’s third by Forbes’s rating, owns 25 per cent of the bank’s outstanding shares equivalent to 7.2 billion units, held through Silverware Investments Limited.
