 of Sterling Financial Holdings Company (HoldCo) has purchased 17.5 million new shares){kind=link}
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Yemi Odubiyi, the Chief Executive Officer (CEO) of Sterling Financial Holdings Company (HoldCo) has purchased 17.5 million new shares in the bank HoldCo.
The shares were purchased at an average of N3.75 for a total value of N65.62 million.
Sterling Bank Plc, announced in 2020 that it had obtained the Central Bank of Nigeria’s (CBN) approval in principle to enable it restructure as a Holding Company.
The Bank’s desire to operate as a Holding Company was driven by its plan to spin off its Non-Interest Banking window which became operational in January 2014 into an autonomous entity.
The Holding Company is designed to operate on 3 major premises – Specialization, Partnership and Digitization.
The Conventional Bank will focus on building skills and using technology to provide solutions in the areas that are critical to development in the country – Health, Education, Agriculture, Renewable Energy, Transportation (HEART).