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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, Tier2 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.

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That 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.

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“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.

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Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

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