Sterling Bank Plc – Reviews and Ratings

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Full Review

Sterling Bank Plc is a full service commercial banking establishment in Nigeria with asset base of $4 billion (N600 billion) and over 2,600 professional employees.

It commenced operations as NAL Bank in 1960. Following the indigenization decree of 1972, it became a government owned institution and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992.

The bank provides services to individuals, small businesses (SMEs) and large corporations. As of December 2011, the bank’s branch network numbered 186, distributed throughout Nigeria. Currently, the bank’s total assets are valued in excess of US$4.61 billion (NGN 690.8 billion), with shareholders’ equity estimated at about US$310.6 million (NGN 46.6 billion).

Sterling Bank has an expanding network comprising over 160 business offices complemented by 3,800 alternative delivery channels nationwide. The bank’s operations are organized along geographical and functional areas. The functional areas are Operations & Technology, Treasury, and Corporate Banking; while the geographical aggregations are Lagos, North and South. In its customer classification, the bank’s products are grouped in three clusters: Consumer-Retail, Commercial, and Corporate.

Sterling Bank has grown into a major financial solutions provider and justifiably prides itself as “The One-Customer Bank” that celebrates every customer as a unique individual.

Quick Review

Type:                    Public Limited Company

Industry:             Finance

Founded              1960

Headquarters:  Sterling Towers, 20 Marina, P.M.B. 12735, Lagos, Nigeria

Services:             Banking

Revenue:             NGN 45.17 billion (2011)

Net income:       NGN 6.69 billion (2011)

Total assets:      NGN 504.43 billion (2011)

Total equity:     NGH 40.95 billion (2011)

Employees:       3000+ (December 2011)

Divisions:           165 Business Offices (2011)

Website:              www.sterlingbankng.com

Contact:               01-2702300-8, Fax: 01-4484483

Categories: Bank Reviews