Sterling Bank lauds NDIC Examination Reports

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Sterling Bank on Friday commended the Nigeria Deposit Insurance Corporation (NDIC) for the high quality of its bank examination reports.

It said that the reports had contributed to the safety and soundness of the banking system.

The corporation said in a statement in Lagos that management of the Sterling Bank gave the commendation during a courtesy call and formal introduction of its new Managing Director, Mr Abubakar Suleiman to NDIC.

The statement said that Sterling Bank team was led by the outgoing Managing Director, Mr Yemi Adeola, and was received by the Managing Director of the NDIC, Alhaji Umaru Ibrahim.

It said Ibrahim received them along with the two executive directors namely Prince Aghatise Erediawa and Mrs Lola Abiola-Edewor.

The statement said that Adeola informed the NDIC management that the selection procedure for the new managing director of the bank was a rigorous process handled by KPMG, a consulting firm.

Adeola said that the bank was optimistic that the courtesy call would further strengthen the excellent relationship between the bank and the corporation.

He also briefed the corporation on the future outlook of the bank, which he said, included the planned expansion of its Non-Interest Banking (NIB) window.

Adeola informed the NDIC management of the bank’s plan to apply for a license for a stand-alone NIB as soon as possible.

He said that the decision was informed by the feasibility studies conducted by the bank, judging from the potential market and financial resources of customers expected to embrace NIB.

In his response, Ibrahim thanked the management of Sterling Bank for the visit and promised to sustain the cordial relationship.

He expressed optimism that appointment of capable hands into the banking system would improve the performance of the sector.

Ibrahim also assured the incoming managing director of Sterling Bank of the corporation’s support towards the growth of the bank. (NAN)

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