Sterling Bank (Nigeria)

Sterling Bank Plc
Public Limited Company
Industry Banking
Founded 1960
Headquarters Sterling Towers, 20 Marina, P.M.B. 12735, Lagos, Nigeria
Key people
Mr. Asue Ighodalo
Chairman
Razack Adeyemi Adeola
Group Managing Director/CEO
Services Banking
Total assets ₦ 799 billion (FY 2015)
Total equity ₦ 95.56 billion (FY 2015)
Number of employees
>2285 (FY 2015)
Divisions >187 Business Offices 840 ATMs (FY 2015)
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 Nigerian Stock Exchange with the symbol STERLNBANK.[1] On Reuters and Bloomberg terminals, it is identified as STBP.LG and STERLNBA respectively.[2][3]

The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2015, the bank's branch network numbered 187, distributed throughout Nigeria with total assets valued in excess of NGN:799 billion and shareholders' equity estimated at about NGN:95.6 billion).[4]

History

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.[5]

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.[6] 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 Equitorial Trust Bank.[7]

Operations

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,[8] Micro-credit for youths through Social Lender[9]), Commercial (dealing in several sectors including Agriculture[10] for which the bank has won awards), and thirdly Corporate (covering several sectors including Telecommunications, Power and Steel, Food and Beverages among others.[11]

The bank operates from:

Specialized Services

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.[12]

In 2013, the Bank was licensed by the Central Bank of Nigeria to provide non-interest banking services after meeting the set criteria.[13] The alternative banking products are split into three facets: Transactional, Investment, and Financing.[14] 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).[15]

2015 Performance Highlights

Despite the economic headwinds in 2015, Sterling Bank delivered a commendable set of results in 2015 as follows:[16]

Corporate Social Responsibility

The essence of the Bank's CSR activities in its CSR statement: “To promote a sustainable society by enriching lives”. Therefore, the Bank carries out CSR in three areas:[17]

In 2015, the Bank launched and continued several initiatives in all the three areas as shown below:

Education:

Environment

Entertainment/Empowerment

Awards/Ratings [30]

Award

Best Corporate Governance Bank

Foundation

Insurance & Financial

Institutions Employees

Ratings

The Bank expanded its ratings coverage during the period to include two top-notch ratings agencies:

by a b3 baseline credit assessment.

Sustainability

The Bank prides itself in laying keen interest on their operating community, shareholders, employees, regulators and other stakeholders. They strategically partner with environment focused organizations to ensure environmental sustainability while executing initiatives to reduce carbon emissions from its operations.[31]

Corporate Affairs

Board Of Directors

MR. ASUE IGHODALO – Chairman

RAZAK ADEYEMI ADEOLA – Managing Director/CEO

OLANREWAJU OLUGBENGA ADESANYA – Executive Director

ABUBAKAR SULEIMAN - Executive Director

KAYODE LAWAL - Executive Director

GRAMA NARASIMHAN - Executive Director

YEMI ODUBIYI - Executive Director

ADEYINKA ABDULWAHEED ADEOLA – Non-Executive Director

MICHAEL JITUBOH – Non-Executive Director

OLAITAN KAJERO - Non-Executive Director

TAIRAT TIJANI - Non-Executive Director

EGBICHI AKINSANYA - Non-Executive Director

RASHEED ADEREMI KOLARINWA – Independent Director

TAMARAKARE YEKWE, MON – Independent Director

OMOLARA AKANJI, MON – Independent Director

See also

References

  1. http://www.nse.com.ng
  2. http://www.reuters.com
  3. http://www.bloomberg.com
  4. http://sterlingbankng.com/fy2014/Sterling_Bank_Earnings_Release_Q1_final.pdf
  5. http://unpan1.un.org/intradoc/groups/public/documents/aapam/unpan028228.pdf
  6. "About Sterling | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.
  7. "Sterling Bank signs acquisition agreement with ETB - Vanguard News". Vanguard News. Retrieved 2016-04-22.
  8. "Agent Banking | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.
  9. Sundayguru. "Social Lender". sterling.sociallenderng.com. Retrieved 2016-04-22.
  10. "Commercial Agricultural Credit Scheme | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.
  11. "Corporate Sectors | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.
  12. Plc, Sterling Bank. "Welcome | Sterling Bank Private Banking". sterlingbankng.com. Retrieved 2016-04-22.
  13. Technologies, MindFusion. "Other Market Operators » Non-Interest Finance". noninterest.org.ng. Retrieved 2016-04-22.
  14. "Sterling Alternative Finance  ::: Non-Interest Banking". www.saf.ng. Retrieved 2016-04-22.
  15. "Sterling Advisory Committee  ::: Non-Interest Banking". www.saf.ng. Retrieved 2016-04-22.
  16. "Sterling Bank 2015 Annual Report" (PDF).
  17. "Corporate Social Responsibility | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.
  18. "Fayose to commission Sterling Bank’s e-Library project". guardian.ng. Retrieved 2016-04-22.
  19. "Financial Literacy: Sterling Bank Trains 15,000 Students | Nigerian News from Leadership News". Nigerian News from Leadership News. Retrieved 2016-04-22.
  20. "Sterling NewsRoom | Sterling Bank Plc - The One-Customer Bank". www.sterlingbankng.com. Retrieved 2016-04-22.
  21. "Get Ready For Work - Mind the Gap - Sterling Bank Plc - Sterling Bank Plc". sterlingbankng.com. Retrieved 2016-04-22.
  22. "Sterling MSME Academy | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.
  23. "Sterling Bank’s MSME Academy begins - The Nation Nigeria". The Nation Nigeria. Retrieved 2016-04-22.
  24. "Sterling Bank’s workers clean environment - The Nation Nigeria". The Nation Nigeria. Retrieved 2016-04-22.
  25. "Sterling Bank renews partnership with LAWMA | P.M. NEWS Nigeria". www.pmnewsnigeria.com. Retrieved 2016-04-22.
  26. "Sterling Bank Partners Abia on Environmental Sanitation". Marketing Edge Magazine Online. Retrieved 2016-04-22.
  27. Group, Arsenal Media. "Club announces Sterling Bank partnership". www.arsenal.com. Retrieved 2016-04-22.
  28. "Sterling Bank Plc - Gunners Promo". www.sterlingbankng.com. Retrieved 2016-04-22.
  29. "Home - Social Media Awards Africa". Social Media Awards Africa. Retrieved 2016-04-22.
  30. "Sterling Awards | Sterling Bank Plc - The One-Customer Bank". www.sterlingbankng.com. Retrieved 2016-04-22.
  31. "Sustainability | Sterling Bank Plc - The One-Customer Bank". sterlingbankng.com. Retrieved 2016-04-22.

External links

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