Sterling To Seek Stand-Alone Islamic Banking Licence

• Says Selection Process Of New MD Rigorous, Transparent

Outgoing Managing Director of Sterling Bank Plc, Yemi Adeola, at the weekend gave its future outlook, including a planned expansion of its Non-Interest Banking (NIB) window.
Particularly, he said the bank would apply for a license for a stand-alone NIB (or Islamic Banking licence as soon as possible, a decision he said was informed by the feasibility studies conducted.
Speaking during a courtesy call and formal introduction of Abubakar Suleiman as its new MD/CEO to the Nigeria Deposit Insurance Corporation (NDIC) on Thursday, January 18, 2018, the bank’s management said the decision arose from the potentials of the market and financial resources of customers expected to embrace NIB.
The meeting also provided a platform for the discussion of the prospects and opportunities in the Nigerian banking system along with challenges.
The bank praised the NDIC for its immense contribution to the safety and soundness of the Nigerian banking system since its inception, expressing, with Adeola noting the renowned excellence of the corporation’s Bank Examiners and the laudable reputation they acquired through the quality of their reports.
Adeola informed the NDIC Management that the procedure for the selection of the new CEO of the bank was rigorous and ably handled by the reputable consulting firm KPMG. He expressed hope that the courtesy call would further strengthen the excellent relationship between the Bank and the Corporation.
The Sterling Bank team was received by the NDIC’s Managing Director/Chief Executive, Umaru Ibrahim, joined by Prince Aghatise Erediawa and Mrs. Lola Abiola-Edewor, two Executive Directors of the corporation.
Responding, Ibrahim, the NDIC MD/CEO thanked the visitors for the visit and promised to sustain the cordial relationship. He expressed the hope for the appointment of capable hands into the banking system to improve the performance of the sector.
He also assured the incoming MD/CEO of Sterling Bank Plc of his support to ensure the growth of the bank.