Sterling Bank Moves To Raise $150 Million Fresh Capital

Sterling Bank has disclosed plans to raise between $100million and $150millon in Tier 2 capital this year to fund its expansion plans.
The bank also said it may resort to legal action to recover all its debts from debtors.
Chief Financial Officer (CFO)/Executive Director of the bank, Abubakar Suleiman, who made this known at a recent interactive session with newsmen in Lagos, said the bank would soon embark on the next phase of its growth strategy in line with its expansion targets unveiled in 2013.
The CFO said at the moment, the bank has 1.5 million customers and has been able to achieve over three per cent market share from 1 per cent a few years ago.
Suleiman said from 84 branches in 2006, the lender’s branch network would hit the 200 mark by the end of 2015, adding that the bank would increase it’s ATMs to 1000 by the end of 2015.
He said: “We have consistently outperformed our peer group and we will outperform the next group. We want to be there when it comes to service delivery, in terms of compliance to regulations and how we are perceived as good corporate citizens.”
He added that the bank has an ambitious target to be among the top five lenders in the industry in the areas of quality service delivery and compliance to regulations.