STERLING BANK GETS N56.2BN RAISE BY SHAREHOLDERS

Shareholders of Sterling Bank Plc, at the 51 annual general meeting in Lagos, authorised the Board and management of the bank to raise fresh capital amounting to N56.2 billion from the capital market.
The first phase of the exercise will involve raising of tier one capital through a rights issue of N12 billion (an equivalent of US$75milliion) and a private placement of N19.2 billion, while the second phase will involve raising of tier two capital (subordinated debt) of N25 billion multi-currency.
They also approved distribution of 20kobo per ordinary share dividend to every member of the bank for the year ended 31st December, 2012.

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