Sterling Bank History
Sterling Bank Plc is a Nigeria-based financial institution engaged in universal banking, focusing on consumer banking, trade finance, investment banking and capital market activities. It also provides wholesale banking services such as savings, current and investment accounts, loans, cards and electronic payments or financial advisory, among others.
The products are addressed to individuals, businesses, and government and non-profit organizations. The Bank operates as a diversified universal bank with footprints in Investment Banking, Asset management, Stockbrokerage, Savings and Loans, Pension Funds Management, Insurance Brokerage and Registrar Services. The Bank operates through four wholly owned subsidiaries, including Sterling Capital Markets Limited, Sterling Assets Management, Sterling Registrars Limited and SBG Insurance Broker Limited.
Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria’s first merchant bank in 1969. Consequent to the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatized and listed as a public company on the Nigeria Stock Exchange (NSE).
In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian Banks namely Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the Sterling Bank name. The merged entities were successfully integrated and have operated as a consolidated group ever since.
In line with the Central Bank of Nigeria’s repeal of universal banking, Sterling Bank now operates as a national commercial bank, disposing of holdings in subsidiaries and affiliate companies.
In mid-2011, Sterling Bank Plc acquired the franchise of the erstwhile Equitorial Trust Bank.
Over the years, we have taken great strides achieving profitability and growing to 160 business offices complemented by 3,800 alternative delivery channels nationwide.