Sterling Bank is a commercial bank in Nigeria with a rich history spanning over six decades. The bank began operations in 1960 under the name Nigeria Acceptances Limited (NAL), initially as an investment/merchant bank.
Over the decades, the bank has completed mergers with 5 other banks: Indo-Nigeria Merchant Bank, Magnum Trust Bank, NBM Bank, Trust Bank of Africa, and Equatorial Trust Bank. Four of the mergers were a result of the 2006 consolidation of the Nigerian banking industry.
The bank became government-owned following the indigenisation decree of 1972, and it was managed in partnership with Grindlays Bank Limited, Continental International Finance Company, Illinois, and American Express Bank Limited between 1972 and 1992.
The bank was listed on the Nigerian Stock Exchange in 1992, after which the government sold its residual interest in the bank.
Sterling Bank’s structure is organized around several business segments: retail & consumer banking, commercial banking, institutional banking, and corporate banking.