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The managing director of Sterling Bank Plc, Abubakar Suleiman said the bank is going to intensify efforts in it retail business.
Suleiman disclosed this in Lagos on Thursday May 17, 2018, while responding to shareholders questions at the bank 56thAnnual General Meeting (AGM), where the 2017 financial account was been considered.
He noted that despite the slow recovery in the economy the bank will continue to enhance shareholders value.
Highlight of the meeting was the approval of 2 kobo dividend, chairman of the company Asue Ighodalo explained that due to additional capital required to finance their growth ambition and fund the banks proposed Holding Company structure, necessitated the amount that was paid. He noted that this will enable the bank retain a substantial amount of profit generated to strengthen available capital in the best interest of shareholders.
Looking ahead Suleiman explained to shareholders that the bank will build expertise in focus sectors, which includes Health, Education, Agriculture, Renewable energy and Transportation. According to him “we have decided to make significant investments to develop our human capital around these sectors to enable us to provide the best support to our customers businesses”
On the 2019 general election, he said the bank will continue to make sure that, there is no negative impact on the bank. While more capital will be raised to address the capital Adequacy Ratio (CAR) of the bank. Sterling Bank Plc, formerly known as NAL Bank Plc, was the pioneer merchant bank in Nigeria, established on November 25, 1960 as a private Limited Liability company and was converted to a public limited liability company in April 1992. After the Central Bank of Nigeria (CBN) consolidation exercise in 2005, the bank listed its share on the floor of Nigerian Stock Exchange (NSE) in January 3, 2006.
