SunTrust Bank Nigeria Limited

SunTrust Bank Nigeria Limited
Company typePrivate company
IndustryFinance
GenreBanking
Founded1 February 2009; 15 years ago (2009-02-01)
FounderMuhammad Jibrin Barde
Headquarters
1 Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island, Lagos, Lagos State
,
Nigeria
Area served
Nigeria
Key people
Olanrewaju Shittu
Chairman
Halima Buba
Chief Executive Officer[1]
ServicesBanking
RevenueIncreaseAftertax:₦157.87 million (2017)[2]
Total assets₦26.56 billion (2017)[2]
Websitewww.suntrustng.com

SunTrust Bank Nigeria Limited (STBNL), is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.[3]

Location

The headquarters and main branch of this bank are located at 1 Oladele Olashore Street, Off Sanusi Fafunwa Street, on Victoria Island, Lagos, Lagos State, Nigeria.[4] The geographical coordinates of the bank's headquarters are: 06°25'50.0"N, 03°25'38.0"E (Latitude:6.430556; Longitude:3.427222).[5]

Overview

As of 31 December 2017, SunTrust Bank Nigeria Limited had total assets of ₦26.56 billion (approximately US$74.24 million), with shareholders' equity of ₦10.61 billion (approximately US$29.7 million).[2]

History

SunTrust was incorporated and founded in 2009 by Chief Executive, Muhammad Jibrin Barde as a mortgage bank and later converted to a commercial Bank. It was granted a regional commercial banking license by the Central Bank of Nigeria in November 2015, being the first commercial bank to receive a banking license since 2001, bringing the total of licensed commercial banks in Nigeria, at that time, to twenty-three.[6] The bank opened for business to the public on 15 August 2016.[7] It is also the first full-fledged technology bank in Nigeria.[8]

In April 2018, STBNL was awarded the ISO/IEC 20071:2013 Certification by the Professional Evaluation and Certification Board (PECB), a Canadian certification body. At the same time, it was awarded the Payment Card Industry Data Security Standard (PCIDSS), by Digital Jewels, an IT consulting firm, focusing on IT governance, risk & compliance in Information Security, Information Assurance and Project Management.[9]

In 2024, the bank was listed by the Central Bank of Nigeria to be among the licensed regional Deposit Money Banks (DMBs) functioning in Nigeria.[10][11]

Branches

As of August 2016, the bank maintained brick-and-mortar branches and automated teller machines in Lagos, Abuja, Uyo and Port-Harcourt. At that time, 90 percent of the bank's customers transacted business on digital platforms, without visiting any physical branch.[12]

See also

References

  1. ^ SunTrust Bank Nigeria (31 May 2018). "SunTrust Bank Nigeria: Board of Directors". Lagos: SunTrust Bank Nigeria Limited. Retrieved 31 May 2018.
  2. ^ a b c SunTrust Bank Nigeria (22 March 2018). "SunTrust Bank Nigeria Limited: Statement of Financial Position As At 31 December 2016" (PDF). Lagos: SunTrust Bank Nigeria Limited. Retrieved 31 May 2018.
  3. ^ Central Bank of Nigeria (31 May 2018). "List of Financial Institutions: Commercial Banks". Abuja: Central Bank of Nigeria. Retrieved 31 May 2018.
  4. ^ SunTrust Bank Nigeria (31 May 2018). "SunTrust Bank Nigeria Limited: Head Office". Lagos: SunTrust Bank Nigeria Limited. Retrieved 31 May 2018.
  5. ^ "Location of the headquarters of SunTrust Bank Nigeria Limited" (Map). Google Maps. Retrieved 31 May 2018.
  6. ^ Komolafe, Babajide (24 November 2015). "CBN licenses SunTrust Bank Nigeria Limited". Vanguard (Nigeria). Lagos. Retrieved 31 May 2018.
  7. ^ Eleanya, Frank (16 August 2016). "SunTrust Becomes Nigeria's first regional bank 15 years after CBN's last license issue". Business Day Nigeria Online. Lagos. Retrieved 31 May 2018.
  8. ^ "Dangote Unveils Nigeria's first Fintech Bank". suntrustng.com. Retrieved 14 October 2024.
  9. ^ APO (19 April 2018). "SunTrust Bank Nigeria has been granted 2 certifications today". Johannesburg: CNBC Africa. Retrieved 31 May 2018.
  10. ^ "CBN Unveils List of Licensed Deposit Money Banks – THISDAYLIVE". www.thisdaylive.com. Retrieved 14 October 2024.
  11. ^ Adeduyite, Okiki (8 May 2024). "FULL LIST: CBN publishes list of licensed Deposit Money Banks". Punch Newspapers. Retrieved 14 October 2024.
  12. ^ Nwosu, Nduka (27 August 2016). "'Sun Trust is the Bank for Small and Medium Enterprises'". This Day. Lagos. Retrieved 31 May 2018.

06°25′51″N 03°25′38″E / 6.43083°N 3.42722°E / 6.43083; 3.42722