Posted on :
27 Aug, 2013
27 Aug, 2013
Sterling Bank Plc is a full service commercial banking establishment in Nigeria with asset base of $4 billion (N600 billion) and over 2,600 professional employees. It commenced operations as NAL Bank in 1960. Following the indigenization decree of 1972, it became a government owned institution 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 Nigerian Stock Exchange (NSE); and in 2000 the government sold its residual interest in the bank, effectively making it a fully privatized institution.
The consolidation of Nigeria’s banking industry saw NAL Bank completing a merger with four other Nigerian banks namely Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) in January 2006. The merged entities were successfully integrated and have since operated as a consolidated group with the name Sterling Bank.
The Bank acquired the business interest of Equitorial Trust Bank towards the end of 2011. This effectively enhanced its position in the hierarchy of major players in the Nigerian banking industry.
Today, with a capital base of more than N50 billion, over 160 business offices complemented by 3,800 alternative delivery channels nationwide, Sterling Bank has grown into a major financial solutions provider and justifiably prides itself as “The one-customer Bank” that celebrates every customer as a unique individual.