Glamtush
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Events
    • Weddings
  • Relationship
  • Telenovelas
    • Celebs Lifestyle
    • Series
    • Series Update
    • Teasers
      • Star Life
      • Telemundo
      • Zee World
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Events
    • Weddings
  • Relationship
  • Telenovelas
    • Celebs Lifestyle
    • Series
    • Series Update
    • Teasers
      • Star Life
      • Telemundo
      • Zee World
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

Shareholders Unanimously Approve Holding Company Structure For Sterling

byGLAMTUSH
September 21, 2022
in Business & Brands
Reading Time: 2 mins read
Sterling
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

Shareholders have unanimously approved the holding company structure for Sterling.

 

Glamtush reports that Shareholders of Sterling Bank Plc unanimously voted in favor of the creation of a new non-operating holding company (HoldCo) to hold the shares in its commercial banking operation as well as the shares of a newly incorporated subsidiary, The Alternative Bank Limited, which will operate as a Non-Interest Banking (NIB) business.

READ ALSO

Unveiling The Box Of Your Luxury: Akmodel Homes And Properties To Launch Mega Double Estate

Google Opens Applications For ₦75 Million Hustle Academy Fund To Empower Nigerian SMBs

 

This online platform understands that at the end of a court-ordered meeting in Lagos yesterday, the shareholders gave the approval for the carve out and transfer of the Bank’s non-interest banking business to The Alternative Bank Limited, under a proposed scheme of arrangement between Sterling Bank Plc and the holders of its fully paid-up ordinary shares of 50 kobo each.

All the shareholders who attended the meeting approved the initiative and commended the foresight of the directors. They also advised the board and management to work hard to nurture new businesses in a bid to enhance the growth of the holding company.

 

Addressing shareholders at the meeting, Chairman of Sterling Bank, Mr. Asue Ighodalo said under the new arrangement, the assets, liabilities, and undertakings of the non-interest banking business will be carved out of the Bank and transferred to The Alternative Bank Limited.

Ighodalo said, “Following the implementation of the scheme, shareholders will exchange their shares in the Bank for shares in HoldCo in the same proportion as their current holdings in the Bank, which will be a regulated entity for CBN purposes.”

READ ALSO  Sterling Bank Launches Omni X Platform

 

Under the evolving scenario, the HoldCo will be registered as a public company and Sterling Bank Plc will be delisted from the Daily Official List of the Nigerian Exchange Limited (NGX) and the Holdco will be listed in its stead and the Bank (Sterling Bank) will subsequently be re-registered as a private limited liability company.

The Chairman added that the scheme would provide several benefits to the shareholders of the Bank, some of which include facilitating diversification into other permissible business lines, thereby promoting growth and enhancing shareholder value and facilitation of a consolidated financial strength of the group, which will improve access and ability to raise capital.

 

He explained that the proposed restructuring will ensure that the Bank’s retail depositors are not exposed to the risks associated with the other activities of the rest of the group and the HoldCo structure will provide the subsidiaries with access to group-wide expertise of the parent company model.

He said the HoldCo structure will also allow the Bank to focus solely on its core operations as against the burden of providing oversight and managing other subsidiaries, adding that it will not result in any adverse changes to the rights and ownership of existing shareholders of the Bank.

 

Related

Related Posts

Akmodel Homes And Properties
Business & Brands

Unveiling The Box Of Your Luxury: Akmodel Homes And Properties To Launch Mega Double Estate

September 29, 2023
Hustle Academy Fund
Business & Brands

Google Opens Applications For ₦75 Million Hustle Academy Fund To Empower Nigerian SMBs

September 28, 2023
Wema Bank
Business & Brands

Wema Bank, Selar Partner To Empower Africa’s Creator Economy With A Webinar On “The Digital Economy And The Future Of Work” 

September 27, 2023
YouTube
Business & Brands

YouTube Announces New Generative AI Products For Creative Expression 

September 26, 2023
Union Bank
Business & Brands

Union Bank Unveils Annual CSI Report: Driving Inclusive Growth, Impacting Lives, Enabling Success

September 26, 2023
Microfinance Bank Licence Applications
Business & Brands

CBN Introduces Online Platform For Microfinance Bank Licence Applications

September 20, 2023
Next Post

Obasa To Remi Tinubu At 62: Your Roles In Nigeria's Democracy Are Indelible

Zenith Beta Life

Fidelity Bank

E-Magazine Covers

GTCO Fashion Weekend
Lace Styles
Destined By Fate Teasers October 2023

Star Life: Destined By Fate Teasers October 2023

October 1, 2023
Nigeria

Celebrating 63 Years Of Unity And Dreams On Nigeria

October 1, 2023
Strings Of Love Teasers October 2023

Star Life: Strings Of Love Teasers October 2023

October 1, 2023
63rd Independence Anniversary

FULL TEXT: President Tinubu’s 63rd Independence Anniversary Speech

October 1, 2023
Imlie Teasers October 2023

Star Life: Imlie Teasers October 2023

October 1, 2023

Nigeria @ 63 : ‘’We Are Still Living In Bondage, Our Leaders Have Failed Us’’ – Primate Ayodele

October 1, 2023
Lost In Love Teasers October 2023

Star Life: Lost In Love Teasers October 2023

October 1, 2023
My Desire Teasers October 2023

Star Life: My Desire Teasers October 2023

October 1, 2023
Happy Independence Day Messages

Nigeria At 63: Happy Independence Day Messages And Quotes

October 1, 2023
Happy New Month

100 Happy New Month Of October 2023 Wishes, Messages, Prayers And Quotes

October 1, 2023

Glamtush is a fashion, beauty and lifestyle online magazine. We bring to you latest trends in fashion, beauty and lifestyle as well as those making the fashion world interesting and adorable.

  • About Us
  • Advertise
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Events
    • Weddings
  • Relationship
  • Telenovelas
    • Celebs Lifestyle
    • Series
    • Series Update
    • Teasers
      • Star Life
      • Telemundo
      • Zee World

© 2022 Glamtush