citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . january 2014 learn how and when to remove this template message sterling bank plc type public limited company industry banking founded 1960 headquarters sterling towers 20 marina p.m.b. 12735 lagos nigeria key people mr. asue ighodalo chairman razack adeyemi adeola group managing director ceo services banking total assets 799 billion fy 2015 total equity 95.56 billion fy 2015 number of employees 2285 fy 2015 divisions 187 business offices 840 atms fy 2015 website http www.sterlingbankng.com sterling bank plc is a full service national commercial bank licensed by the central bank of nigeria . its shares trade under the banking sector of the nigerian stock exchange with the symbol sterlnbank . 1 on reuters and bloomberg terminals it is identified as stbp.lg and sterlnba respectively . 2 3 the bank provides services to individuals small businesses smes and large corporations . as of december 2015 the bank s branch network numbered 187 distributed throughout nigeria with total assets valued in excess of ngn 799 billion and shareholders equity estimated at about ngn 95.6 billion . 4 contents 1 history 2 operations 3 specialized services 4 2015 performance highlights 5 corporate social responsibility 6 corporate affairs 6.1 board of directors 7 see also 8 references 9 external links history edit sterling bank plc originally incorporated in 1960 as nigeria acceptances limited nal . the bank was licensed as nigeria s first merchant bank in 1969 . consequent to the indigenization decree of 1972 the bank became fully government owned and was managed in partnership with grindlays bank limited continental international finance company illinois and american express bank limited between 1974 and 1992 . in 1992 the bank was partly privatized and listed as a public company on the nigeria stock exchange nse . eight years later in 2000 the federal government sold its residual interest in the bank effectively making it a fully privatized institution . 5 in january 2006 as part of the consolidation of the nigerian banking industry nal bank completed a merger with four other nigerian banks namely magnum trust bank nbm bank trust bank of africa and indo nigeria merchant bank inmb and adopted the name sterling bank name . 6 the merged entities were successfully integrated and have operated as a consolidated group ever since . in line with the central bank of nigeria s repeal of universal banking sterling bank now operates as a national commercial bank disposing of holdings in subsidiaries and affiliate companies . in mid 2011 sterling bank plc acquired the franchise of the erstwhile equitorial trust bank . 7 operations edit the bank s operations and products are grouped in three clusters consumer retail with several initiatives such as agent banking to attract the underbanked unbanked 8 micro credit for youths through social lender 9 commercial dealing in several sectors including agriculture 10 for which the bank has won awards and thirdly corporate covering several sectors including telecommunications power and steel food and beverages among others . 11 the bank operates from the head office in 20 marina 187 branches across the country 3 567 pos terminals with several merchants 840 atms across the country specialized services edit private banking and wealth management the bank also caters to high net worth individuals through their private banking and wealth management arm offering products such as trust and fiduciary services philanthropy management investment advisory among others . 12 sterling alternative finance non interest banking in 2013 the bank was licensed by the central bank of nigeria to provide non interest banking services after meeting the set criteria . 13 the alternative banking products are split into three facets transactional investment and financing . 14 the bank has set up this arm of business in line with global best practice in this regard by having an advisory committee of experts ace who approve all products and processes while ensuring they are fully compliant with the rules of islamic commercial jurisprudence . the bank s advisory committee of experts ace includes sheikh abdulkader thomas us kuwait ; sheikh abubakar musa minna ; and imam abdur raheem ahmad sayi lagos . 15 2015 performance highlights edit sterling bank delivered a set of results in 2015 as follows 16 profit after tax for fy2015 was up 14.3 % year on year to n10 .3 billion boosted by improved operating efficiency . shareholders funds grew by 12.8 % to n96 billion in fy 2015 from n85 billion in 2014 driven by accretion from the current year s profit a reflection of the bank s resilience and increasing market reach . gross earnings stood at n110 .19 billion an increase of 6.3 % over 2014 ; operating efficiency improved as total operating expenses declined by 1.9 % year on year . this resulted in an overall growth in the bank s bottom line as profit before tax grew by 2.5 % over the prior year to n11 .02 billion ; total assets decreased by 3.0 % as a result of an 8.8 % decrease in loans & advances following the transfer of state governments loans to the federal government s balance sheet ; customer deposits also dipped by 9.9 % following the implementation of the treasury single account tsa ; capital buffer was enhanced by a 12.8 % increase in shareholders funds driven by profit accretion and further supported by the slowdown in loan growth . thus the capital adequacy ratio improved from 14 % in 2014 to 17.5 % as at year end 2015 . corporate social responsibility edit the essence of the bank s csr activities in its csr statement to promote a sustainable society by enriching lives . therefore the bank carries out csr in three areas 17 education environment empowerment and entertainment in 2015 the bank launched and continued several initiatives in all the three areas as shown below education the bank financed an e library project at the college of education ikere ekiti ; 18 the bank s employees volunteered as teachers and mentors at various schools teaching financial literacy as well as core subjects 19 the bank authored and donated financial literacy books and other stationery to numerous schools ; and we supported a number of schools in their inter house sports programmes ; 20 the bank also executed several programmes aimed at empowering youths and msmes . some of these initiatives include season 3 of the get ready for work programme 21 in lagos the event attracted over 3 000 youths from across nigeria and received very positive testimonials ; and the first msme academy 22 training programme a platform for equipping small business owners with skills to improve their chances of business success attracted over 140 participants ; 23 environment employees of the bank participated actively in its annual cleaning exercise the sterling environmental makeover stem which held in different locations across the nation including lagos kano kaduna abeokuta port harcourt anambra delta abuja and ibadan . 24 the bank in the last five years has on a yearly basis donated thousands of reflective kits to the lagos state waste management authority lawma for street sweepers 25 and highway managers in lagos . other states that have since come on board in the waste management partnerships include delta kaduna ekiti enugu and more recently abia . 26 entertainment empowerment the partnership with arsenal 27 has enabled the bank give value additions to its customers who are lovers of the prestigious football club which include free match tickets tour of the emirates stadium free original team merchandise branded debit cards among others 28 sterling bank is a proud supporter of the social media awards africa smaa 29 which rewards creativity excellence and impact in social media in africa . corporate affairs edit board of directors edit mr. asue ighodalo chairman razak adeyemi adeola managing director ceo olanrewaju olugbenga adesanya executive director abubakar suleiman executive director kayode lawal executive director grama narasimhan executive director yemi odubiyi executive director adeyinka abdulwaheed adeola non executive director michael jituboh non executive director olaitan kajero non executive director tairat tijani non executive director egbichi akinsanya non executive director rasheed aderemi kolarinwa independent director tamarakare yekwe mon independent director omolara akanji mon independent director see also edit list of banks in nigeria central bank of nigeria economy of nigeria references edit http www.nse.com.ng http www.reuters.com http www.bloomberg.com http sterlingbankng.com fy2014 sterling bank earnings release q1 final.pdf http unpan1.un.org intradoc groups public documents aapam unpan028228.pdf about sterling sterling bank plc the one customer bank . sterlingbankng.com . retrieved 2016 04 22 . sterling bank signs acquisition agreement with etb vanguard news . vanguard news . retrieved 2016 04 22 . agent banking sterling bank plc the one customer bank . sterlingbankng.com . retrieved 2016 04 22 . sundayguru . social lender . sterling.sociallenderng.com . retrieved 2016 04 22 . commercial agricultural credit scheme sterling bank plc the one customer bank . sterlingbankng.com . retrieved 2016 04 22 . corporate sectors sterling bank plc the one customer bank . sterlingbankng.com . retrieved 2016 04 22 . plc sterling bank . welcome sterling bank private banking . sterlingbankng.com . retrieved 2016 04 22 . technologies mindfusion . other market operators non interest finance . noninterest.org.ng . retrieved 2016 04 22 . sterling alternative finance non interest banking . www.saf.ng . retrieved 2016 04 22 . sterling advisory committee non interest banking . www.saf.ng . retrieved 2016 04 22 . sterling bank 2015 annual report pdf . corporate social responsibility sterling bank plc the one customer bank . sterlingbankng.com . retrieved 2016 04 22 . fayose to commission sterling bank s e library project . guardian.ng . retrieved 2016 04 22 . financial literacy sterling bank trains 15 000 students nigerian news from leadership news . nigerian news from leadership news . retrieved 2016 04 22 . sterling newsroom sterling bank plc the one customer bank . www.sterlingbankng.com . retrieved 2016 04 22 . get ready for work mind the gap sterling bank plc sterling bank plc . sterlingbankng.com . retrieved 2016 04 22 . sterling msme academy sterling bank plc the one customer bank . sterlingbankng.com . retrieved 2016 04 22 . sterling bank s msme academy begins the nation nigeria . the nation nigeria . retrieved 2016 04 22 . sterling bank s workers clean environment the nation nigeria . the nation nigeria . retrieved 2016 04 22 . sterling bank renews partnership with lawma p.m. news nigeria . www.pmnewsnigeria.com . retrieved 2016 04 22 . sterling bank partners abia on environmental sanitation . marketing edge magazine online . retrieved 2016 04 22 . group arsenal media . club announces sterling bank partnership . www.arsenal.com . retrieved 2016 04 22 . sterling bank plc gunners promo . www.sterlingbankng.com . retrieved 2016 04 22 . home social media awards africa . social media awards africa . retrieved 2016 04 22 . external links edit http www.sterlingbankng.com index.aspx sterling bank nigeria homepage sterling bank plc. shares recover from recession company profile at bloomberg.com retrieved from https en.wikipedia.org w index.php title sterling bank nigeria & oldid 730308736 categories lagosbanks established in 1960companies established in 1960companies based in lagoscompanies listed on the nigerian stock exchangebanks of nigeriahidden categories articles needing additional references from january 2014all articles needing additional referencespages using infobox company with unsupported parameters navigation menu personal tools not logged 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