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Sterling Bank considers holding entity structure, chairman says

Sterling Bank PLC is considering becoming a holding entity, reported Business Post, citing comments from Chairman Asue Ighodalo.

The chairman reportedly said during the bank's May 17 annual general meeting that such a restructuring is among the plans before management to improve Sterling's competitiveness.

Under a central bank rule introduced in 2010, banks were required to either sell all noncore activities such as insurance businesses and asset management or become a holding company into which subsidiaries would report. Most banks in the country chose to divest their noncore businesses. However, First Bank of Nigeria Ltd., First City Monument Bank Ltd. and Stanbic IBTC Holdings PLC adopted a holding company structure, according to Business Post.