Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company

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The Chief Executive Officer of Sterling Bank Plc, Mr. Abubakar Suleiman is pleased to announce that the Bank has obtained the Central Bank’s approval in principle to enable it to 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.

Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company
Chief Executive Officer of Sterling Bank Plc, Mr. Abubakar Suleiman – www.brandspurng.com

The Bank believes that the proposed structure incorporates efficiencies around operations and financing efforts that will support the individual businesses in reaching full potential through:

  • Increased portfolio diversification – The Holding Company structure enables the NonInterest Bank and other non-core businesses to achieve greater results based on focused management of the distinct businesses
  • Improved efficiency resulting from the consolidation of key functions such as
    Compliance, Risk Management and other support functions, yielding improved
    prospects for individual business growth.
  • Enhanced Corporate Governance which serves to promote a consistent culture across the group and quality of service to customers thereby facilitating the sustainability of earnings
  • Better access to capital by leveraging the consolidated financial strength of the group which would have been otherwise difficult for each individual subsidiary company

“Going into the Holding Company structure, our desire is to entrench our business model premised on social capitalism where we believe that private sector capital and market-based tools will offer the best types of solutions to Nigeria’s most pressing social and environmental challenges. The Holding Company gives us the structure to explore our business model further.

The Holding Company is designed to operate on 3 major premises – Specialization, Partnership and Digitization.

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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).

The Non-Interest Bank will focus on building partnerships that connect individuals and businesses leveraging technology to create business optimization while solving for an individual’s daily financial needs. The overall business will focus on social impact, corporate responsibility and religious compliance in its dealings.

Our Digitization drive will create an enabling environment for both financial institutions to grow while providing services and support to build efficiencies in different ecosystems.

The execution of our plans is fully dependent on our interwoven operating model of Agility, Specialization and Digitization. Essentially, for us to be successful, we require people who are adaptable and knowledgeable running processes that are simple, quick and tech-led to ensure efficiency”. 

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The Bank is currently in the process of meeting the conditions for the final approval.

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Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company - Brand SpurSterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company - Brand Spur

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Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company - Brand SpurSterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company - Brand Spur

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SHANGHAI, CHINA - Media OutReach - 22 January 2021 - Global advertising technology leader, The Trade Desk, today announced the appointment of Benson Ho as Senior Vice President of North Asia. In this role, Ho will lead the company's business and growth strategy in the North Asia region, covering Greater China, South Korea and Japan. Ho will report to Tim Sims, Chief Revenue Officer.

 

 Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company - Brand Spur

 

Ho brings vast leadership experience in the Asian media industry, most recently as Chief Data Strategy Officer at Tencent Marketing Solution, an important early inventory partner of The Trade Desk in China. Prior to that, he served as Amnet's chief consultant and programmatic expert to Dentsu Aegis Network. He has also served in senior leadership positions at Sizmek, GroupM and Digitas.

 

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"I am delighted to join The Trade Desk and build on the success the company has had in North Asia," said Ho. "The advertising industry is at a turning point right now, and there's enormous opportunity for brands to leverage global best practices and connect with consumers in new ways. It's very exciting to be a part of the team that's delivering a unique solution and expertise to global advertisers in the region."


About The Trade Desk

The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Sterling Bank Plc Obtains the CBN’s Approval In Principle To Enable It Restructure As A Holding Company - Brand SpurTwitter, and LinkedIn. 

 

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