Sterling Bank Targets fresh Tier-2 capital by February

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Sterling Bank Plc has disclosed its plan to raise fresh tier-2 capital to fund its expansion before the end of February 2016. Chief Executive Officer, Sterling Bank, Mr. Yemi Adeola, said this during an interactive session with journalists in Lagos. \r\nSterling Bank put the amount of tier-2 funds to be raised at between $100 million and $150 millon. \”On the issue of additional capital, we are adequately capitalised, but we are raising tier-2 capital and we are at the tail end of it and hopefully by February, we would have additional debt capital. \r\nBut in terms of equity capital, I think we are good with a capital adequacy ratio of 19 per cent when what is required is 10 per cent; we are not under capital pressure at all,\” Adeola said. He described the regulatory environment as tough, saying that the banking industry is the most regulated in Nigeria. Sterling Bank would continue to face the challenges that come it way, he added.

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