The shareholders of Sterling Financial Holdings Company Plc have commended the board and management of the company for their performance since completing the transition to a holding company structure, adding that the company is targeting more subsidiaries.
This was made known in a statement issued by the lender on Monday following the statutory meeting in Lagos. At the hybrid meeting, the statutory report was unanimously adopted.
"With the adoption of the Holdco structure now in full effect, Sterling is now able to provide a wider variety of financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses," the statement reads.
The company said that its commercial and ethical banking subsidiaries; Sterling Bank and The Alternative Bank, will operate as limited liability companies within the publicly-traded holding company.
Yemi Adeola, the board's chairman, thanked the company’s shareholders for their support during the journey to the successful transition to a financial holding company and highlighted the launch of Sterling HoldCo’s ethical banking subsidiary, The Alternative Bank; which increased shareholder value.
Also in attendance at the meeting was the Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi, who pointed out the opportunities the transitioning into a HoldCo presented for the organisation, as it is now able to diversify into other business lines along with the commercial and ethical banking licenses operated by the company.
Speaking at the meeting, the President of the Association for the Advancement of the Rights of Shareholders, Dr. Faruk Umar, hailed the company for its transition into a Holdco structure.