Sterling Bank (Nigeria)
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| Public Limited Company | |
| Industry | Banking |
| Founded | 1960 |
| Headquarters | Sterling Towers, 20 Marina, P.M.B. 12735, Lagos, Lagos State, Nigeria |
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Key people
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Mr. Asue Ighodalo Chairman Razack Adeyemi Adeola Group Managing Director/CEO |
| Services | Banking |
| Total assets | ₦ 834 billion (FY 2016) |
| Total equity | ₦ 85.66 billion (FY 2016) |
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Number of employees
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>2243 (FY 2016) |
| Divisions | >189 Business Offices, 776 ATMs (FY 2016) |
| Website | http://www.sterlingbankng.com |
Sterling Bank Plc is a full service national commercial bank licensed by the Central Bank of Nigeria. Its shares trade under the Banking sector of the with the symbol STERLNBANK. On Reuters and Bloomberg terminals, it is identified as STERLNB.LG and STERLNBA:NL respectively.
The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2016, the bank's branch network numbered 187, distributed throughout Nigeria with total assets valued in excess of NGN:834 billion and shareholders' equity estimated at about NGN:85.6 billion).
Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria’s first merchant bank in 1969. Consequent to the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatized and listed as a public company on the Nigeria Stock Exchange (NSE). Eight years later, in 2000, the federal government sold its residual interest in the bank, effectively making it a fully privatized institution.
In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian Banks namely Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the name 'Sterling Bank' name. The merged entities were successfully integrated and have operated as a consolidated group ever since.
In line with the Central Bank of Nigeria’s repeal of universal banking, Sterling Bank now operates as a national commercial bank, disposing of holdings in subsidiaries and affiliate companies. In mid-2011, Sterling Bank Plc acquired the franchise of the erstwhile Equatorial Trust Bank.
The Bank's operations and products are grouped in three clusters:
Consumer-Retail (with several initiatives such as Agent Banking to attract the underbanked/unbanked, Micro-credit for youths through Social Lender), Commercial (dealing in several sectors including Agriculture for which the bank has won awards), and thirdly Corporate (covering several sectors including Telecommunications, Power and Steel, Food and Beverages among others.
The bank operates from:
The Bank also caters to High Net Worth individuals through their Private Banking and Wealth Management arm offering products such as Trust and Fiduciary Services, Philanthropy Management, Investment Advisory, among others.
In 2013, the Bank was licensed by the Central Bank of Nigeria to provide non-interest banking services after meeting the set criteria. The alternative banking products are split into three facets: Transactional, Investment, and Financing. The Bank has set up this arm of business in line with global best practice in this regard by having an Advisory Committee of Experts (ACE) who approve all products and processes while ensuring they are fully compliant with the rules of Islamic commercial jurisprudence. The Bank's Advisory Committee of Experts (ACE) includes Sheikh Abdulkader Thomas (US/Kuwait); Sheikh Abubakar Musa (Minna); and Imam Abdur-Raheem Ahmad Sayi (Lagos).
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