History of Sterling Bank



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History of Sterling Bank

About

Sterling Bank Plc “Your one-customer bank” is a full service national commercial bank in Nigeria.

 

Who we Are

At Sterling Bank, our customers are our number one priority and we value their feedback and ideas. We’ve made sure there are plenty of ways to stay in touch.

 

Sterling Bank Plc “Your one-customer bank” is a full service national commercial bank in Nigeria.

 

In over 60 years of operations, Sterling Bank (formerly NAL Bank) has evolved from the nation’s preeminent investment banking institution to a fully-fledged commercial bank; and completed a merger with 4 other banks – Indo-Nigeria Merchant Bank, Magnum Trust Bank, NBM Bank and Trust Bank of Africa – as part of the 2006 consolidation of the Nigerian banking industry.

 

Corporate Profile

 

Our Vision

  • To be the financial institution of choice

 

Our Mission

  • To deliver solutions that enhance stakeholders’ value

 

Our Core Values

Customer Focus

  • “The Customer is king”
  • Holistic understanding of the customer’s business
  • Creativity in meeting the customers’ needs, both internal and external

Integrity

  • Commitment, dependability, reliability and confidentiality geared toward winning the customer’s implicit trust

 

Teamwork

  • “The success of one is the success of all”
  • Seamless interface of all parts of the business

Excellence

  • Commitment to excellence in all our engagement

 

Our Journey

1960 – Commencement

 

  •       We commenced operations as NAL Bank, the nation’s preeminent investment banking institution.

 

1972 – Nationalization

  •         Following the Indigenization Decree of 1972, we became a government owned institution.
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1974 – Partnership

 

  • In 1972 – 1992, Sterling Bank was managed in partnership with Grind lays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited

 

 

1992 – NSE Listing

  • The Bank was partly privatized and listed as a public company on the Nigerian Stock Exchange (NSE).

 

 

2000 – Privatization

  • The government sold its residual interest in the bank effectively making it a fully privatized institution

 

 

2006 – First Merger

  • In January 2006, NAL Bank completed a merger with four other Nigerian Banks namely; Magnum Trust Bank, NBM, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB). The merged entities have successfully integrated and are operating as a consolidated group with the name Sterling Bank.

 

 

2012 – Second Merger

  • We assimilated the entire business interest of the defunct Equatorial Trust Bank (ETB). This effectively enhanced our position in the hierarchy of respectable players in the Nigerian banking industry on all key parameters.

 

Purpose

The objective of Sterling Bank’s IR Unit is to ensure that the investment community understands the Bank’s strategy, business model, competitive position and financial performance through transparent communications. .

 

Sterling Bank maintains a policy of informing the investment community of its business location in accordance with the regulatory requirements governing businesses and financial institutions in Nigeria, as well as best practices globally.

 

Sterling Bank places a high priority on the quality and consistency of investor-related information it publishes.

Mission

The Investor Relations (IR) Unit, within Sterling Bank’s Strategic Planning Team, is responsible for implementing this policy.

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Only designated spokespersons and the IR Unit are authorized to communicate with the investment community and external parties on behalf of Sterling Bank. Sterling Bank’s annual shareholder meeting is the most important shareholder event on the investor relations calendar. The report from the AGM will be available on the Investor Reports page of Sterling Bank’s IR website as soon as possible after the event.

Check the official website

 

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