Sterling Bank Gets CBN Approvals-in-Principle For HoldCo, Non-Interest Banking Licence
The board of Sterling Bank Plc says it has received Approvals-in-Principle from the Central Bank of Nigeria (CBN) to restructure and adopt a holding company structure, subject to the fulfillment of some stipulated conditions.
In a notice to the Nigerian Exchange Limited (NGX), Temitayo Adegoke, the Company Secretary, also said the bank obtained a regulatory nod “for a standalone license for its non-interest banking business – the proposed Alternative Bank Limited.”
The Alternative Bank Limited, the statement continued, “will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving an individual’s daily financial needs.”
The overall business, she stressed, “will focus on social impact, corporate responsibility, and ensure religious compliance in all its dealings.”