Sterling Bank targets one million new customers in 2016

As part of its 2016 strategic planning, the management of Sterling Bank plans to increase its customer base by attracting one million new customers in the year and, also complete ongoing efforts to raise additional fund to beef up its capital base.

“As we get ready to go into 2016, we are focusing on four key areas strategically. The first is to improve our funding and customer counts. We intend to increase our customer base by one million new customers in 2016,” Yemi Adeola , the bank’s Managing Director and Chief Executive Officer of the Bank, said.

“At this point, we are adequately capitalised but we are pursuing Tier 2 capital. We are at the tail end of it and hopefully by January or February, we would have additional debt capital.

“In terms of equity capital, I think we are good. At Capital Adequacy ratio of 19 percent, what is required is 10 percent, we are not under capital pressure at all.”

Sterling Bank was formed 10 years ago following the merger of five legacy financial institutions namely Magnum Trust Bank; Indo Nigeria Bank; Trust Bank of Africa; MBM Merchant Bank and NAL Merchant Bank.

Listing the achievement of the bank in its 10 years of existence, Adeola said that the total assets of the bank has grown from N110 billion in 2006 to N1 trillion in 2015.

He disclosed that the Bank expanded its branch network by 135 from 50 in 2006 to 185 in 2015, explaining that plans were on to ensure that the Bank is ranked among the top six banks in the country by year 2020.

Besides, Adeola stated that the deposit liabilities of the Bank grew from N75 billion in 2006 to N583 billion in 2015 while equity rose from N26 billion to N88 billion.

Similarly, the Bank’s customer base rose from 200,000 in 2006 to 1.4 million in 2015.