Nigeria: Sterling Bank Obtains CBN Clearance to Become a Holding Company

Nigerian bank Sterling Bank has announced that it has received approval from the Central Bank of Nigeria (CBN) to restructure its operations and become a holding company.
By Amadjiguene Ndoye
A restructuring that has become necessary because of its desire to make its interest-free banking branch (Islamic banking) an independent activity. In a note to the Nigerian Stock Exchange on Monday, September 28, Bank Secretary Temitayo Adegoke indicates that the holding company will operate in three large premises: specialization, partnership and digitization. Also, conventional banking will focus on building skills and using technology to provide services in areas important to the country’s development.
“The proposed structure embodies the efficiency of operations and financing efforts, which will help individual businesses reach their full potential through increased portfolio diversification, strengthened corporate governance and improved access to capital, leveraging the the group’s financial strength, ”said Temitayo Adegoke.
Note that the bank’s Non-Interest Banking window became operational in January 2014. “Interest-free banking will focus on creating partnerships that connect individuals and businesses by leveraging technology to create business optimization while by meeting the daily financial needs of an individual, ”the note explains.

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