Sterling Bank has evolved through mergers, acquisitions and strategic evolution

Key takeaways

  • Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
  • In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
  • Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
  • In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
  • The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and  securing a $50 million private placement as part of its recapitalisation

Sterling Bank’s history reflects a series of strategic shifts, including mergers, acquisitions, and restructuring. It began as Nigeria Acceptances Limited in 1960, then became a merchant bank in 1969. The nationalisation policy of 1972 placed the bank under government control until it was fully privatised in 2000. A landmark merger in 2006 saw NAL Bank combine with four other Nigerian banks to form Sterling Bank.
Over the years, Sterling pursued various mergers and acquisitions, including its successful takeover of Equatorial Trust Bank in 2012. In 2023, it transitioned into a holding company, Sterling Holdco, while spinning off AltBank as a standalone entity. Looking ahead, Sterling is strengthening its financial position with a ₦200 billion equity raise, aligning with Nigeria’s evolving banking landscape.

Source:

Sterling Bank, Media Reports

Period:

1960-2025
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