Sterling Bank restructures, unveils new identity

The shareholders of Sterling Bank have decided to transfer their investment into an HoldCo, which will serve as a parent company, and as a result, Sterling Bank has undergone restructuring and adopted the name Sterling Financial Holdings Company Limited (HoldCo).

Also, the assets, liabilities and undertakings related to the non-interest banking business in Sterling Bank will be transferred to The Alternative Bank Limited, which Ripples Nigeria had reported was Approved in principle as a standalone company 10 months ago.

Recall that GTCO and Access Holdings were created to act as parent companies to Guaranty Trust Bank (GTBank) and Access Bank respectively, in a bid to accommodate more ventures that are not core banking.

In a document sent to the investing public and the capital market authority, Nigerian Exchange Limited (NGX), it explained that the new business direction was considered and passed as a Special Resolution of the Company on September 19, 2022.

The Bank will transfer all the assets, liabilities and undertakings related to the non-interest banking business to The Alternative Bank Limited;  In accordance with the Scheme of Arrangement, all of the shares held by the Bank and its nominee in The Alternative Bank Limited, together with all rights and liabilities attached to such shares, shall be transferred to HoldCo. The Alternative Bank Limited will be a direct subsidiary of HoldCo;

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The Board of Directors of the Bank be and is hereby authorised to take all necessary actions to delist the shares of the Bank from the official list of Nigerian Exchange Limited;

The Bank be re-registered as a private limited company under the Companies and Allied Matters Act No. 3 of 2020 (as amended) and the Memorandum and Articles of the Bank be and are hereby amended as set out in the Annexure to the Notice of meeting;

The Board of Directors of the Bank be and is hereby authorized to do all such other acts and take all such actions as are required to give effect to the Scheme, including consenting to any modifications of the Scheme of Arrangement or any conditions that the Central Bank of Nigeria, the Securities and Exchange Commission, the Federal High Court or any other regulatory authority may think fit to approve or impose.