The continuing conversion of Sterling Bank Plc into a financial holdings business has reached a critical milestone, according to the company’s announcement. On the floor of the Nigerian Exchange, all shares in the Sterling Financial Holdings Corporation were delisted, transferred, and then relisted, according to the statement.
The organization said in a statement that the relisting represented yet another significant step in the ongoing change, which had received the unanimous support of its shareholders.
This action, which has been approved by the Nigerian Exchange, comes after the Central Bank of Nigeria gave Sterling approval-in-principle to become a non-operating financial holding company. It is anticipated that it will allow Sterling to continue to diversify its investment portfolio and increase its presence in the financial markets.
When the changeover is finished, the statement added, Sterling Financial Holdings Company would commence operations with two banking subsidiaries; Sterling Bank, which will operate as a conventional commercial bank; and The Alternative Bank Limited, which will operate as a non-interest bank.