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. On Reuters and Bloomberg terminals, it is identified as STBP.LG and STERLNBA respectively.
The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2011, the bank's branch network numbered 186, distributed throughout Nigeria. Currently, the bank's total assets are valued in excess of US$4.61 billion (NGN:690.8 billion), with shareholders' equity estimated at about US$310.6 million (NGN:46.6 billion).
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).
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 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 Equitorial Trust Bank.
Over the years, we have taken great strides achieving profitability and growing to 160 business offices complemented by 3,800 alternative delivery channels nationwide.
As at December 2012, Sterling Bank's total asset is valued at N707 billion [over US$4.61 billion].
Origins as NAL Merchant Bank
Sterling Bank traces its origins back to 1960, when its parent institution, NAL Bank commenced operations as Nigeria's first merchant bank. After the indigenization decree of 1972, it became fully government owned. From 1974 to 1992 in was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited. In 1992, the bank was partly privatized and listed as a public company on the Nigerian 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.
Merger and Adoption of the name Sterling Bank
In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian banks - Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) - and adopted the Sterling Bank name. The merged entities were successfully integrated and have operated as a consolidated group ever since. In mid-2011, Sterling Bank Plc acquired the franchise of the erstwhile Equitorial Trust Bank which expanded Sterling's presence to almost 200 branches spread across major cities in Nigeria.
Sterling-ETB Merger
In mid-2011, Sterling Bank Plc acquired the franchise of the erstwhile Equitorial Trust Bank. This expanded Sterling's presence to almost 200 branches spread across major cities in Nigeria. After the merger the bank growth was significant, not only by balance sheet, but also in terms of branch network, asset base and deposits. Significant leaps occurred as Sterling bank jumped from 16th spot in the industry to 13th in the Assets stakes.Assets rose from 1.7% of industry total to 2.5%. This has increased to 2.7% as at Q4 2013. More gains included a leap in deposits from 1.8% to 2.9% after the merger and this has further increased to 3.3% The Branch network also grew significantly from 89 to 175 branches after the merger.
Repeal Of Universal Banking licence and divestiture
In line with the Central Bank of Nigeria's repeal of universal banking, Sterling Bank operates as a national commercial bank.
Accordingly, it disposed of its holdings in all subsidiaries and affiliate companies during the 2011 financial year: Sterling Asset Management & Trustees Limited, Sterling Capital Limited, Sterling Registrars Limited, and SBG Insurance Brokers Limited.
Operations
The bank's products are grouped in three clusters: Consumer-Retail, Commercial, and Corporate. Under the Consumer-Retail arm of the business, Sterling Bank has been at the forefront of innovation in the Nigerian Banking sector with initiatives such as: Agent Banking and was one of the leading banks to champion and deploy Social Banking services for its customers.
Sterling Innovation Products
Social Lender
Sterling Arsenal Partnership
The Sterling Arsenal Debit Card
Social Media Awards Africa
Sterling Bank is a proud supporter of the Social Media Awards Africa SMAA which rewards creativity excellence and impact in Social Media In Africa.
Agricultural Finance
The bank is a champion of the Agriculture sector and has backed it with its Sterling Agriculture Input Scheme. The scheme is aimed at fast-tracking the development of the agricultural sector by providing credit facilities to large scale enterprises with a minimum asset size of N50Million and at a single digit interest rate of 9%. This is to enhance national food security, increase food supply and affect agricultural produce and product prices, thereby promoting low food inflation, reducing cost of credit in agricultural production and enabling farmers to exploit the potentials in the sector. As well as the Sterling Tractor Acquisition Scheme (STAS) / Mechanization Scheme which is a tractor Lease finance facility for Individuals, Corporate Enterprise, Cooperatives, Individuals, State Governments, and Tractors' Associations to purchase tractors to be supplied by the appointed Vendors.
Agent Banking
The Sterling Agent Banking platform aims at taking banking services to the unbanked/under banked members of the society.
The Agent banking service is retail driven banking strategy which aims to achieve financial inclusion of the unbanked and under banked. The services include Account-opening, deposits, withdrawals, bill payments, funds transfer and airtime top-up services.
Corporate Social Responsibility
Sterling Bank has initiated a number of projects and programmes targeted at key areas of the Nigerian society. These areas of focus cover education, health, financial literacy and the environment.
Financial Literacy
Sterling Bank recently launched two books to address Financial Literacy in Nigeria. The books are: My Little Money Book, for children aged 4-9 and Funds for kids aged 11-15.
Waste Management Partnerships
Being environmentally and socially responsible are the guiding principles of our mantra "Enriching Lives".
At Sterling Bank, we believe change should begin with us, thus we actively engage in environmental and social contribution initiatives that are closely connected to the protection of our local communities and natural habitats. Hence our contribution through regular cleaning of densely populated areas within our communities by our staff. Sterling bank has also partnered with Lagos State Waste Management Authority and provided uniforms and for street cleaners as well as face masks, long handled brooms and other paraphernalia.
Sketchamania
The Sterling Sketchamania challenge is a CSR initiative of Sterling bank Plc that celebrates creativity of Nigerian students.
Get Ready For Work
Get Ready For Work is a musical and business empowerment conference/concert and is the first of its kind anywhere in Africa. It has been a success and has made considerable impact in the fields of small business, banking entertainment, and corporate Nigeria with a positive impact on employers and prospective employees thus birthing a new generation of better qualified undergraduates and labour pool.
Meet The Executive
Meet the Executive is an initiative of Sterling Bank geared towards encouraging and supporting small businesses and budding entrepreneurs.
Corporate Affairs
Board Of Directors
MR. ASUE IGHODALO - Chairman
RAZACK ADEYEMI ADEOLA - Managing Director/CEO
OLANREWAJU OLUGBENGA ADESANYA - Executive Director
ABUBAKAR SULEIMAN - Executive Director
KAYODE LAWAL - Executive Director
ADEYINKA ABDULWAHEED ADEOLA - Non-Executive Director
RASHEED ADEREMI KOLARINWA - Independent Director
OLUFUNMILOLA OSUNSADE - Non-Executive Director
TAMARAKARE YEKWE, MON - Independent Director
OMOLARA AKANJI, MON - Independent Director
RAGHAVAN KARTHIKEYAN - Non-Executive Director
Branch Network
Sterling Bank has an expanding network of 168 business offices and over 4,000 alternative delivery channels nationwide. The Bank prides itself as "The one-customer Bank". The bank's operations are organized along geographical areas. These are Lagos, South and North & Corporate Banking.
See also
- List of banks in Nigeria
- Central Bank of Nigeria
- Economy of Nigeria
References
External links
- http://www.sterlingbankng.com/index.aspx Sterling Bank (Nigeria) Homepage
- http://www.nigeriamusicmovement.com/index.php/nigerian-bank-nigeria-bank-phb-plc-bank-phb-sterling-bank-lead-recovery Sterling Bank Plc. Shares Recover From Recession]
- Company Profile At Bloomberg.com
- http://www.smaafrica.com
- http://www.sociallender.com
- http://allafrica.com/stories/201103180375.html Sterling Bank Plc. In Merger Talks With First Rand
- http://www.arsenal.com/news/news-archive/club-announces-sterling-bank-partnership
- http://www.youtube.com/watch?v=f3dId4pQMyk
- http://lindaikeji.blogspot.com/2013/03/sterling-bank-sketchamania-competition.html
- http://www.promoupdate.com/viewpromo.php?id=51&date=1363907929
- http://bizwatchnigeria.com/tag/sketchamania/
- http://www.youtube.com/watch?v=MYh_3lwl38U
- http://img276.imagevenue.com/gallery/loc47/235_1716_GRFW2.php
Interesting Informations
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