Sterling Bank Plc says it has received approval-in-principle from the Central Bank of Nigeria to restructure its business and become a holding company.
In a notice sent to the Nigerian Stock Exchange on Monday, the bank said the restructuring became necessary due to its desire to make its non-interest banking arm a stand-alone business.
According to the notice signed by the company’s secretary, Temitayo Adegoke, the holding company will operate on three major premises – specialisation, partnership and digitisation.
It said the conventional bank would focus on building skills and using technology to provide services in areas that are important to the country’s development.
The notice read in part, “The non-interest bank will focus on building partnerships that connect individuals and businesses, leveraging technology to create business optimisation while solving individual’s daily financial needs.
“The overall business will focus on social impact, corporate responsibility and religious compliance in its dealings.
“Our digitisation drive will create an enabling environment for both financial institutions to grow while providing services and support to build efficiencies in different ecosystems.”
Sterling Bank added that the holding company’s structure would help to expand business model, which is built on social capitalism “where we believe that private sector capital and market-based tools will offer the best types of solutions to Nigeria’s most pressing social and environmental challenges.”
