SunTrust Bank Nigeria Limited

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]

SunTrust Bank Nigeria Limited
TypePrivate company
IndustryFinance
GenreBanking
Founded1 February 2009 (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
RevenueAftertax:₦157.87 million (2017)[2]
Total assets₦26.56 billion (2017)[2]
Websitewww.suntrustng.com

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 and 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]

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.[8]

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.[9]

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. 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. Google (31 May 2018). "Location of the headquarters of SunTrust Bank Nigeria Limited" (Map). Google Maps. Google. 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. APO (19 April 2018). "SunTrust Bank Nigeria has been granted 2 certifications today". Johannesburg: CNBC Africa. Retrieved 31 May 2018.
  9. Nwosu, Nduka (27 August 2016). "'Sun Trust is the Bank for Small and Medium Enterprises'". This Day. Lagos. Retrieved 31 May 2018.

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