The transfer of Sterling Bank Plc from a core banking organization to a holding company has been authorized by shareholders. According to experts, the action will enable the financial institution to boost its subsidiaries, particularly its recently launched Islamic banking activity.
The Sterling bank will eventually use the name Sterling Financial Holdings Company, according to a registration it published on the website of the Nigerian Exchange Limited.
A week after the bank called a shareholder meeting on a court’s directive, its board made an announcement yesterday. The bank will have the chance to participate in various financial services industries, such as fintech, asset management, and pension among others, as well as gain control of businesses in which it now has a sizable interest.
Additionally, it stated that the 28,790,418,124 ordinary shares of 50 Kobo each that were held in the issued and paid-up share capital of the Bank will be transferred to the holding company in accordance with the Scheme of Arrangement in exchange for the allocation of the same units to shareholders after completion.
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“The Bank shall transfer to The Alternative Bank Limited all of the assets, obligations, and undertakings linked to the non-interest banking activity. All of the shares held by the Bank and its nominee in The Alternative Bank Limited, along with all rights and obligations related to those shares, must be transferred to HoldCo in accordance with the terms of the Scheme of Arrangement. HoldCo would have a direct subsidiary in The Alternative Bank Limited, the statement stated.
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