Sterling Bank Obtains CBN’s Approval In Principle To Restructure

Hamilton Nwosa
Writer
How Sterling Bank Staff Allegedly Fled With Customers N300m In Delta

Ad

Peter Obi’s one-term Pledge, a Tactical Move to Win Northern Votes — Kenneth Okonkwo

By Obinna Uballa Opposition coalition member and former Labour Party chieftain, Kenneth Okonkwo, has alleged that former Anambra State governor Mr Peter Obi’s promise to serve for just one term if elected president was a calculated political strategy aimed at securing votes from the North. Speaking on Channels Television’s Sunrise Daily on Friday, Okonkwo said…

BMW bets on innovation, rolls out strong brand to challenge Tesla, Chinese EV makers

By Obinna Uballa German automaker BMW is ramping up its focus on brand strength and advanced software as it prepares to roll out a new generation of electric vehicles, aiming to rival Elon Musk’s Tesla and fast-growing Chinese competitors. Speaking ahead of the Munich motor show next week, BMW CEO Oliver Zipse unveiled the company’s…

Atiku Warns: Nigeria is sliding into authoritarian rule under Tinubu’s Govt

Former Vice President Atiku Abubakar has raised concern over what he described as Nigeria’s alarming slide into authoritarianism under President Bola Tinubu’s administration. In a strongly worded statement issued on Friday, Atiku pointed to a series of incidents in Kaduna, Katsina, and other states as evidence of an alleged coordinated effort to suppress dissent and…

Ad

Sterling Bank Plc. has obtained Central Bank of Nigeria’s approval in principle to restructure as a holding company. The bank’s Chief Executive Officer, Mr Abubakar Suleiman, disclosed this in a statement posted on the Nigerian Stock Exchange’s website.

Suleiman 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. He said that the proposed structure would support the individual businesses in reaching full potential through increased portfolio diversification, improved efficiency and enhanced corporate governance.

“Going into the holding company structure, our desire is to entrench our business model premised on social capitalism where we believe that private sector capital and market-based tools will offer the best types of solutions to Nigeria’s most pressing social and environmental challenges. The holding company gives us the structure to explore our business model further,” he said.

According to him, the holding company will operate on three major premises – specialisation, partnership and digitisation. He said that the conventional bank would focus on building skills and using technology to provide solutions in the areas critical to development in the country – Health, Education, Agriculture, Renewable Energy, Transportation (HEART).

Suleiman explained: “The non-interest bank will focus on building partnerships that connect individuals and businesses, leveraging technology to create business optimisation while solving an individual’s daily financial needs.

“The overall business will focus on social impact, corporate responsibility and religious compliance in its dealings. Our digitisation drive will create an enabling environment for both financial institutions to grow while providing services and support to build efficiencies in different ecosystems.”

Suleiman said that execution of the organisation’s plans was fully dependent on our interwoven operating model of agility, specialisation and digitisation. “Essentially, for us to be successful, we require people who are adaptable and knowledgeable running processes that are simple, quick and tech-led to ensure efficiency,” Suleiman added. He said that the bank was in the process of meeting the conditions for the final approval. (NAN)

Ad

X whatsapp