Sterling Bank (Nigeria)
Sterling Bank Plc, which is a full service national commercial bank is 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 STERLNB.LG and STERLNBA:NL respectively. The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2020, the bank's branch network numbered 157, distributed throughout Nigeria with total assets valued in excess of NGN 1 trillion). 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). Eight years later, in 2000, the Federal Government sold its residual interest in the bank, effectively making it a fully privatized institution. 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 name 'Sterling Bank'. 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 Equatorial Trust Bank. Operations. The Bank's operations and  products are grouped in four clusters: Retail & Consumer Banking, Commercial Banking, Institutional Banking and Corporate Banking. Sterling has launched several initiatives under the Retail & Consumer Banking such as Agent Banking (designed to attract the underbanked/unbanked), Micro-credit for youths and Specta (an automated retail lending platform). Its Commercial Banking deals in several sectors including Agriculture for which the bank has won several awards while its Institutional Banking offers value adding advisory & collection services for government parastatals. Sterling's Corporate Banking covers several sectors including Telecommunications, Power and Steel, Food and Beverages among others. The Bank operates from: The Bank  also caters to High Net Worth individuals through their Private Banking and Wealth Management arm offering products such as Trust and Fiduciary Services, Philanthropy Management, Investment Advisory, among others. In 2013, the Bank was licensed by the Central Bank of Nigeria to provide non-interest banking services after meeting the set criteria. The alternative banking products are split into three facets: Transactional, Investment, and Financing. The Bank has set up this arm of business in line with global best practice in this regard by having an Advisory Committee of Experts (ACE) who approve all products and processes while ensuring they  are fully compliant with the rules of Islamic commercial jurisprudence. The Bank's Advisory Committee of Experts (ACE) includes Sheikh Abdulkader Thomas (US/Kuwait); Sheikh Abubakar Musa (Minna); and Imam Abdur-Raheem Ahmad Sayi (Lagos). 2020 Performance Highlights. Sterling Bank delivered a set of results in 2020 as follows: Other Non-Financial Highlights. Other non-financial highlights include: •       Digital platforms launched during the year include: OneBank; a new electronic banking application, Giving (www.giving.ng); a crowdfunding platform and Pay with Specta; a lending platform for SMEs. •       Awarded 2020 ‘Overall Best Workplace in Nigeria’ in the large corporate category of the Great  Place to Work Institute. The Bank carries out corporate social responsibility in these areas: education, the environment, health, empowerment, sports development, capacity building, among others. Board Of Directors. Mr. Abubakar Suleiman is the current Managing Director/Chief Executive Officer, assuming this position on 1 April 2018.