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Sterling Bank Plc has informed the Nigerian Exchange and investing public that the tier-2 lender has gotten approval –in principle from the Central Bank to operate a standalone non-interest or Islamic banking business under a different licence.
The bank said this in a statement issued to the public on the Nigerian bourse platform, saying the approval-in-principle for the stand-alone Islamic banking structure; sequel to overall holding company restructuring
“We are pleased to inform the Nigerian Exchange Limited, shareholders, and the general public that Sterling Bank Plc has obtained the Central Bank of Nigeria‘s Approval-in-Principle for a standalone license for its non-interest banking business – the proposed Alternative Bank Limited”, management said in the notice.
The finalisation of the strategic plan is however subject to the fulfilment of conditions as stipulated by the CBN, the statement notes.
Sterling Bank said its Alternative Bank Limited will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving an individual’s daily financial needs.
The overall business will focus on social impact, corporate responsibility, and ensure religious compliance in all its dealings, the tier-2 lender said.
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