Sterling Bank Plc‘s Chief Executive Officer, Mr Abubakar Suleiman is gratified to revealed that the Bank has obtained the Central Bank of Nigeria (CBN)’s approval in principle to enable it to restructure as a Holding Company.
Brandnewsday understands that the Bank’s desire to operate as a Holding Company was driven by its plan to spin off its Non-Interest Banking (similar to an Islamic Banking) window which became operational in January 2014 into an autonomous entity.
The Bank believes that the proposed structure incorporates efficiencies around operations and financing efforts that will support the individual businesses in reaching full potential through:
“Going into the Holding Company structure, our desire is to entrench our business model premised on social capitalism where we believe that private sector capital and market-based tools will offer the best types of solutions to Nigeria’s most pressing social and environmental challenges. The Holding Company gives us the structure to explore our business model further.
Sterling Bank Plc Islamic Banking:
”The Holding Company is designed to operate on 3 major premises – Specialization, Partnership and Digitization.
”The Conventional Bank will focus on building skills and using technology to provide solutions in the areas that are critical to development in the country – Health, Education, Agriculture, Renewable Energy, Transportation (HEART)”.
Speaking further the statement reads: the Non-Interest Bank will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving for an individual’s daily financial needs. The overall business will focus on social impact, corporate responsibility and religious compliance in its dealings.
”Our Digitization drive will create an enabling environment for both financial institutions to grow while providing services and support to build efficiencies in different ecosystems.
”The execution of our plans is fully dependent on our interwoven operating model of Agility, Specialization and Digitization. Essentially, for us to be successful, we require people who are adaptable and knowledgeable running processes that are simple, quick and tech-led to ensure efficiency”.
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