What it does: Sterling Bank specializes in offering services such as retail and consumer banking, corporate banking, institutional banking, commercial banking, loans, investment banking, wealth management, and issuance of credit and debit cards to its diverse clientele.
Mission: Sterling Bank's mission is to help its clients and stakeholders achieve financial success.
Size and presence: Sterling Bank has a strong presence in the country. This bank employs more than 2,400 individuals across its 141 branches in Nigeria. It has more than 654 ATMs across the country too.
Best known for: Sterling Bank is an award-winning bank. This company was awarded the HR Best Practices Award in 2020. That same year, it was the Best Fun and Friendly Place To Work. The bank also won the Daily Sun Banker of the Year Award in 2020. Large Corporate awarded Sterling Bank as the Best Workplace to Work in Nigeria.
The good bits: Sterling Bank has one of the best company cultures in the country. There are good career prospects. There are several employment benefits to enjoy.
The not so good bits: The work pressure is high. Contract staff doesn't get employment benefits like the full-time staff.
In 1960, the company that is now known as Sterling Bank was established as Nigeria Acceptances Limited. In 1969, it received a merchant banking license, making it the first merchant bank in Nigeria. When the indigenization decree was announced in 1972, NAL became a government company. Between 1974 and 1992, it was run in partnership with other financial institutions: American Express Bank Limited, Continental International Finance Company, and Grindlays Bank Limited.
NAL made a partial comeback to the private sector in 1992 and was listed on the Nigeria Stock Exchange. In 2000, the bank became fully private again after the Federal Government sold its remaining interest in the bank. 2006 was a turning point for the company. This was the year there was a consolidation of the banking industry in Nigeria. NAL merged with NBM Bank, Magnum Trust Bank, Indo-Nigeria Merchant Bank (INMB), and Trust Bank of Africa. In the wake of the merger, the company rebranded and adopted Sterling Bank as its name.
When the Central Bank of Nigeria abolished the universal banking structure, Sterling Bank became a nationwide commercial bank. The bank relinquished its holdings in affiliate companies and subsidiaries. In 2011, Sterling Bank bought Equatorial Trust Bank. Today, Sterling Bank is one of the top financial institutions in the country, with a widespread network of offices and ATMs.
Sterling Bank's culture creates the ideal working environment for experienced professionals, fresh graduates, and interns. Sterling Bank has been awarded multiple times for being one of the best workplaces, which says a lot about its work atmosphere. Sterling Bank is a hub of diversity because its employees are from different backgrounds, cultures, and of different genders.
Sterling Bank sticks to its code of conduct which is enforced and upheld by its management. The Bank ensures all staff members are treated equitably. Employees are encouraged to lend their input and collaborate on tasks towards a common goal.
Sterling Bank adopts a thorough approach in its recruitment process. Getting a job at Sterling Bank involves an application for the job, a phone interview, an interview by a group panel, a one-on-one interview, a skills test, a drug test, a background check, a personality test, and an aptitude test.
Sterling Bank offers incredible career prospects to interns, fresh graduates, and experienced hires. Its graduate trainee programme targets bright minds fresh out of school with leadership potential and a zeal to excel in the banking industry. The internship programme targets undergraduates and pre-NYSC graduates to give them insight into the industry and help them gain practical work experience.
A fresher at Sterling Bank earns an annual average pay of ₦1.4 million.
In 2017, Sterling Bank introduced its HEART (Health, Agriculture, Education, and Transportation) programme. Sterling Bank wants to contribute to improving medical technology and diagnostics actively. The bank also plans to improve accessibility to education and finance to fund it.
Sterling Bank was under fire for its Easter Holiday celebratory message in which the resurrection of Christ was compared to a local bread in Nigeria.