The shareholders of Sterling Financial Holdings Company Plc have commended the board and management of the company for their performance in managing the operations and earnings, and the diversification of the group’s business lines since completing the transition to a holding company structure.
This was revealed in a statement issued by the lender on Monday following the statutory meeting in Lagos. At the hybrid meeting, the statutory report was unanimously adopted.
With the adoption of the Holdco structure now in full effect, Sterling is now able to provide a wider variety of financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses.
The company said that its commercial and ethical banking subsidiaries; Sterling Bank and The Alternative Bank, will operate as limited liability companies within the publicly-traded holding company.
Chairman of the board, Yemi Adeola, thanked the company’s shareholders for their support during the journey to the successful transition to a financial holding company and highlighted the launch of Sterling HoldCo’s ethical banking subsidiary, The Alternative Bank; which increased shareholder value.
Also in attendance at the meeting was the Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi, who pointed out the opportunities the transitioning into a HoldCo presented for the organisation, as it is now able to diversify into other business lines along with the commercial and ethical banking licenses operated by the company.
Speaking at the meeting, President of Association for the Advancement of the Rights of Shareholders, Dr. Faruk Umar, commended the company for its transition into a Holdco structure. He added that the change would enable Sterling to diversify its operations into other sectors of the Nigerian economy.
Umar praised the group for the successful launch of The Alternative Bank in Abuja, Lagos and Kano States, highlighting the potential profitability of the initiative.
