Sterling Bank Plc has achieved a significant milestone in its ongoing transformation to a financial holdings company with the delisting, transfer, and relisting of all shares to the Sterling Financial Holdings Company on the floor of the Nigerian Exchange.
This development was unanimously approved by its shareholders and represents a strategic move for Sterling as it continues to build momentum and position itself for long-term success.
Under the scheme of arrangement, Sterling Bank’s issued and paid-up share capital, valued at 28.8 billion outstanding shares, will be passed to the holding company in exchange for the allotment of the same units to shareholders.
This move, as ratified by the Nigerian Exchange, follows an approval-in-principle for Sterling to convert to a non-operating financial holding company as granted by the Central Bank of Nigeria.
It is expected to enable Sterling to continue to diversify its investment portfolio and expand its presence in the financial markets.
The relisting also represented a major development in the ongoing transition and signifies that Sterling Financial Holdings Company would commence operations with two banking subsidiaries. Sterling Bank will operate as a conventional commercial bank, while The Alternative Bank Limited will operate as a non-interest bank.
This development is a significant step in Sterling Bank’s journey towards becoming a leading financial institution in Nigeria. By transitioning to a financial holdings company, Sterling Bank aims to provide a wider range of financial services to its customers and expand its market reach.
This transformation is expected to bring about significant growth opportunities for the bank and position it for long-term success in the Nigerian financial markets.
The completion of this transition is a testament to the commitment and dedication of the management team and staff of Sterling Bank. With a strong focus on innovation, customer service, and financial inclusion, Sterling Bank is poised to deliver exceptional value to its stakeholders and customers.
