Sterling Bank concludes AGM, Prioritises focus on Corp Banking and Agriculture
Category: Investors NewsBeat
May 15, 2012 / Temple ASAJU / Proshare WebTV
Sterling Bank Plc recently held its 50th Annual General Meeting (AGM). Apart from the conventional election of new members to the board of directors, the focal point of the meeting from shareholders perspective was the yearning for incorporation of younger professionals in the membership of the board of Directors and the need to boost corporate banking services of the bank.
Sterling Bank’s CEO, Yemi Adeola stated that the bank has plans to improve on its corporate banking services as it currently has two reputable companies engaged in that regard.
Forging ahead, Adeola says the bank has put in place an Agriculture Portfolio with about 2% from its loan book. He adds that the bank intends to grow the portfolio next year by 5% increase.
Speaking on the re-structuring ordinance, in accordance with the demands of the Central Bank of Nigeria (CBN), the CEO says given the choice of a holding company and a national commercial bank, Sterling opted for commercial banking at its earlier Extra-ordinary General Meeting. Adeola re-stated that the implication of the move is the disposal of the subsidiaries of the institution, which generated the sum of N2billion. He maintains, “we must meet up for what we are losing from the disposal of the subsidiaries from within the bank via strategic plans that will devoid us of negative impacts”.
The Chairman of Sterling Bank Plc, Alhaji (Dr.) S.A. Adegunwa OFR said in his speech, “The transaction between former Equatorial Trust Bank (ETB) and Sterling Bank Plc has effectively catapulted Sterling Bank to over N500 billion in assets with 186 branches nationwide.”
Welcoming the bank’s newest directors, Ms. Olunfunmilola Osunsade (Non-Executive) and Mr. Abubakar Sule (Executive Director) to the Board, Adegunwa says the board expects deeper industry experience and invaluable strategic perspectives for the development of the bank.
The AGM witnessed a unanimous approval of the proposed dividend of 10kobo per share for FYE 2011. Election of the board members also validated the exit of two time-honoured directors, Captain Harrison Kuti and Mr. Musbau Fashanu.