Sterling Bank Plc on Thursday announced that it has completed a significant milestone in its ongoing transformation to a financial holdings company. It said this is with the delisting, transfer, and relisting of all shares to the Sterling Financial Holdings Company on the floor of the Nigerian Exchange.
A statement from the organisation said the relisting signified another major development in the ongoing transition, as unanimously approved by its shareholders.
It stated, “Under the scheme of arrangement, Sterling Bank’s issued and paid-up share capital, valued at 28.8 billion outstanding shares, will be passed to the holding company in exchange for the allotment of the same units to shareholders.
“This move as ratified by the Nigerian Exchange follows an approval-in-principle for Sterling to convert to a non-operating financial holding company as granted by the Central Bank of Nigeria, and is expected to enable Sterling to continue to diversify its investment portfolio and expand its presence in the financial markets.”
It said the relisting also represented a strategic move for Sterling as it continued to build momentum and position itself for long-term success.
Upon the completion of the transition, the statement added, Sterling Financial Holdings Company would commence operations with two banking subsidiaries; Sterling Bank, which will operate as a conventional commercial bank; and The Alternative Bank Limited, which will operate as a non-interest bank.
