Sterling Bank has held its 48th annual general meeting (AGM) in Calabar, the Cross River state capital.
The highlight of the meeting was the approval given the Bank by shareholders to raise fresh capital of up to N100 billion.
Sterling Bank had presented the following proposal to its shareholders:
That additional capital up to N100billion or its equivalent in foreign denominated currencies be raised through any or a combination of the following: equity, quasi-equity, convertible loans, and or any other debt equity by way of offer of subscription (whether foreign or local) to the general public with or without preferential allotment, or rights issue to the existing shareholders, or by a way of a special – private placing to a strategic investor(s) upon such terms and conditions to be determined by the directors and approval of the regulatory authorities.
Alhaji Suleiman A. Adegunwa, the Bank’s chairman, noted that the infusion of capital would strengthen Sterling Bank’s core capital position, enhance its competitive position, as well as assure the long-term sustainability of the business.
In 2009, Sterling Bank announced gross earnings of N46.7 billion.