The shareholders of Sterling Bank, one of the commercial banks in Nigeria, has finally announced moves to change the bank’s name after converting it to a holding company.
They have also approved the transfer of the bank’s investments into the HoldCo, which will serve as a parent company.
Over 28,790,418,124 ordinary shares of 50 Kobo each in the Issued and Paid-up Share Capital of the bank are held by the Scheme Shareholders, and were all transferred to Sterling Financial Holdings Company Limited.
By this, the investors holding the transferred shares in the bank will be given the same volume of shares in the HoldCo.
Sterling Bank now operates a pension fund and an Islamic Bank subsidiaries aside banking.
The shareholders believe that this change will help make the company a force to reckon with in the financial market.
This change has in turn turn, affected the name of the bank, which will now be addressed as Sterling Financial Holdings Company Limited (HoldCo).