Investor Relations

PRESS RELEASE February 3, 2011

STERLING BANK PLC SHAREHOLDERS APPROVE NATIONAL BANKING

LICENSE AND CAPITAL INJECTION AT EXTRA-ORDINARY GENERAL MEETING

Lagos, February 3, 2011 - At its Extra-Ordinary General Meeting held in Lagos on

February 2, 2011, Sterling Bank received shareholders’ approval to apply for a
national commercial banking license under the new geographic footprint
categorization of the Central Bank of Nigeria. The Bank had sought shareholders’
approval to apply “for a commercial banking license on a national basis”.

Under guidelines issued by the banking regulator in September 2010, Nigerian banks
are required to exchange their universal banking licenses for fresh permits that are
classified according to international, national and regional coverage. National
banks, which may operate in all states of the Nigerian federation, must maintain a
minimum paid-up share capital of N25 billion.

Addressing the shareholders, Yemi Adeola, the Group Managing Director, gave the
assurance that Sterling Bank “has what it takes to operate efficiently, competitively
and profitably as a national bank.”

“The new CBN rules have leveled the playing field by allowing each financial
institution to choose its patch in the turf that is best suited to its unique value
proposition for customers and shareholders. For Sterling Bank with 95 branch
locations in 26 states, it is natural for us to retain our spread while penetrating
deeper to serve over teeming customers across every household income and firm
revenue slice,” he said.

The Bank also got approval to raise up to N10 billion or its equivalent in foreign
exchange in a non-equity issue, which would not dilute the holding of shareholders.
Sterling Bank has received confirmed interest from CardinalStone Partners Limited, a
full service investment bank, to make the investment at a coupon rate ranging from
10% to 13% for a minimum tenor of seven years.

Sterling Bank PLC | Press Release

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Speaking of the expected capital injection, Adeola explained that it would be used to
enhance working capital and finance growth. He also expressed his satisfaction with the
choice of the investor which he described as a ‘top-tier principal investor with a deep
bench of senior level talent in the financial services sector both at the executive and
board levels.’

On his part, Femi Ogunjimi, the Chief Executive Officer of CardinalStone Partners, said it
was a privilege to ‘be part of Sterling Bank’s growth story at this exciting point in time.’

About Sterling Bank

Sterling Bank PLC is the preeminent investment banking establishment in Nigeria. It

commenced operations as NAL Bank in 1960. Today, with over N300 billion in assets and
100 branches nationwide, Sterling Bank has grown into a major financial supermarket
offering investment banking, commercial banking, asset management, stock broking,
insurance and registrar services. The Bank prides itself as the ‘One Customer Bank’ that
celebrates each customer a unique individual. For further information, please visit
http://www.sterlingbankng.com

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Contacts

Investor Contact Media Contact

Shina Atilola Abimbola Sowemimo

Strategic Planning Head, Brand Management & Communications
M: +234 802 3422 3011 M: +234 803 306 9033
E: shina.atilola@sterlingbankng.com E: abimbola.sowemimo@sterlingbankng.com

Sterling Bank PLC | Press Release

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