Sterling Bank 2022

Sterling Bank Plc, the “One-customer bank” is a full service national commercial bank in Nigeria. And now, on its way to becoming a holding company, a prelude to getting into other sectors.

The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2018, the bank’s branch network numbered 161, distributed throughout Nigeria with total assets valued in excess of NGN1 trillion and shareholders’ equity estimated at about NGN97.8 billion)

Sterling Bank was originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). It was licensed as Nigeria’s first merchant bank in 1969. Consequent upon 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 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.

Sterling Bank Plc hits the headline again recently when it successfully raised $25.5 million from BlueOrchard Finance Ltd (BlueOrchard) managed funds, to grow the Health, Education, Agribusiness, Renewable energy, and Transportation sectors of the Nigerian economy, called the HEART. The facility will be used to expand Sterling’s HEART strategy, grow the bank’s lending portfolio to micro, small and medium enterprises in the bank’s continuing bid to address the impact of COVID-19 on key sectors.

Sterling is known for simplicity and customer centricity across board.

With a vision to be a financial institution of choice, Sterling is strongly manned by its 2400 staff who take care of over 3 million customers across the country.