Sterling Bank to raise additional capital

Nigeria’s Sterling Bank said on Thursday it would seek shareholder approval on November 11, to raise up to $200 million in debt or equity.

The mid-tier bank also said it would issue up to 19.8 billion naira ($120.3 mln) worth of shares to a strategic investor via a private placement at 2.65 naira each.

Access Bank, UBA have also announced plans to raise more capital from shareholders.