The establishment of a new non-operating holding company to hold the shares in Sterling Bank Plc’s commercial banking operation was approved by all of its shareholders.
The Alternative Bank Limited, a recently formed company that will do Non-Interest Banking activities, had its shares included in the voting as well.
According to a bank statement, the shareholders of Sterling Bank Plc and the owners of its fully paid-up ordinary shares of 50 kobo each approved a proposed scheme of arrangement at the conclusion of a court-ordered meeting in Lagos that would have allowed the bank’s non-interest banking business to be separated out and transferred to The Alternative Bank Limited.
It stated, “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.”
Mr. Asue Ighodalo, chairman of Sterling Bank, addressed the shareholders during the meeting and explained that under the new arrangement, the bank’s non-interest banking business would be split off and handed to The Alternative Bank Limited.
