BY
BAMIDELE FAMOOFO
The management of Sterling Bank Plc has disclosed that it now has the permission of the Central Bank of Nigeria to float a non-interest Bank to be known as ‘Alternative Bank Limited.’
The bank made the disclosure in a statement signed by its Company Secretary, Temitayo Adegoke and made available to the Nigerian Exchange Limited on Wednesday.
“We are pleased to inform the Nigerian Exchange Limited (NGX), shareholders, and the general public that Sterling Bank Plc (the Bank) has obtained the Central Bank of Nigeria‘s (CBN) Approval-in-Principle for a standalone license for its non-interest banking business – the proposed Alternative Bank Limited,” the bank said.
The approval is sequel to the approval-in-principle granted to the Bank for the restructuring as a holding company (HoldCo) and subject to the fulfillment of conditions as stipulated by the CBN.
The Alternative Bank Limited will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving an individual’s daily financial needs.
