One of Nigeria’s leading commercial banks, Sterling Bank, has announced plans to change its name.
Shareholders of Sterling Bank have approved to convert from a core banking business to a holding company. On Monday, the shareholders of the bank agreed to transfer their investment into the HoldCo, which will become a parent company.
Checks on the Nigerian Exchange show over 28,790,418,124 ordinary shares of 50 Kobo each in the issued and paid-up share capital of Sterling Bank held by the Scheme Shareholders were transferred to Sterling Financial Holdings Company Limited.
One of Nigeria’s leading commercial banks, Sterling Bank, has announced plans to change its name The move follows shareholders’ approval for the bank to operate a holding company that involves its pension fund, Islamic banking, others Sterling Bank 2020 received approval from CBN to restructure its business and become a holding company
Shareholders of Sterling Bank have approved to convert from a core banking business to a holding company. On Monday, the shareholders of the bank agreed to transfer their investment into the HoldCo, which will become a parent company.
Checks on the Nigerian Exchange show over 28,790,418,124 ordinary shares of 50 Kobo each in the issued and paid-up share capital of Sterling Bank held by the Scheme Shareholders were transferred to Sterling Financial Holdings Company Limited.
A statement from Sterling bank shows the shareholders believe their decision will pave the way to make the company a dominant force in the financial market. Aside from banking, Sterling Bank operates a pension fund and an Islamic bank subsidiary.
