Sterling Bank to Raise N35bn In Fresh Capital

Sterling Bank Plc will raise N35bn ($177m) in Tier II capital between January and February to expand its loan book next year, its Chief Executive Officer, Mr. Yemi Adeola, has said.

He said the mid-tier lender saw no need to raise fresh equity capital, adding that the commercial lender had N90bn in shareholders’ fund with a capital adequacy ratio of 19 per cent, above the 10 per cent regulatory requirement, Reuters reported.

He spoke at a news conference in Lagos on Thursday.