Sterling Bank Plc, said it has completed 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.
The relisting signifies another major development in the ongoing transition, as unanimously approved by its shareholders.
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 and is expected to enable Sterling to continue to diversify its
investment portfolio and expand its presence in the financial markets.
The relisting also represents a strategic move for Sterling as it continues to build
momentum and position itself for long-term success. Upon the completion of the
transition, the Sterling Financial Holdings Company will commence operations with two
banking subsidiaries; Sterling Bank, which will operate as a conventional commercial
bank; and The Alternative Bank Limited, which will operate as a non-interest bank.
Commenting on the development, Sterling Bank Chaiiman , Asue Ighodalo said “We are
excited to embark on this journey as we seek to continue to provide the best services
and product offerings to our customers, while continuing to create and deliver even
more sustainable value for our shareholders.”
