Sterling Bank, one of the Nigerian commercial banks has been split into two different entities.
The bank is looking forward to operating as Sterling Holdings Company approved by the Central Bank of Nigeria (CBN).
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Sterling Bank announced it had completed an essential step in its ongoing efforts to shift from a financial institution to a holding company.
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According to the bank, the move followed the delisting, transfer, and re-listing of all shares to the Sterling Financial Holding Company on the floor of the Nigerian Exchange.
The bank would convert to a non-operating financial holding industry to enable it to diversify its investment portfolio, expanding its presence in the financial markets.
After the necessary transition, the Sterling Holdings Company would begin operations with two banking subsidiaries– a conventional commercial bank, and an Alternative Bank Limited, set to operate as a non-interest bank.
