Sterling Financial Holdings Plc has listed 28.8 billion shares on the Nigerian Exchange (NGX), following the restructuring of Sterling Bank Plc as a holding company.

Sterling Bank said that it has completed a significant milestone in its ongoing transformation to a financial holdings company with the delisting, transfer and relisting of all shares to the Sterling Financial Holdings Company on the floor of the  Nigerian Exchange, saying, the relisting signifies another major development in the ongoing transition, as unanimously approved by its shareholders.

According to the bank, “Under the Scheme of Arrangement, Sterling Bank’s issued and paid-up share capital, valued at 28.8 billion outstanding shares, will be passed to the holding company in exchange for the allotment of the same units to shareholders.

“This move, as ratified by the NGX, follows an approval-in-principle for  Sterling to convert to a non-operating financial holding company as granted by the Central Bank of Nigeria and is expected to enable Sterling to continue to diversify its investment portfolio and expand its presence in the financial markets.

“The relisting also represents a strategic move for Sterling as it continues to build momentum and position itself for long-term success. Upon the completion of the transition, the Sterling Financial Holdings Company will commence operations with two banking subsidiaries; Sterling Bank, which will operate as a conventional commercial bank; and the Alternative Bank Limited, which will operate as a non-interest bank.”

Speaking on the development, the chairman of Sterling Bank, Asue Ighodalo, stated, “We are excited to embark on this journey as we seek to continue to provide the best services and product offerings to our customers while continuing to create and deliver even more sustainable value for our shareholders.”