Deutsche Bank’s Excellence Award goes to Sterling Bank

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Deutsche Bank’s Excellence Award goes to Sterling Bank

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A new feather has adorned the cap of Sterling Bank Plc. as it emerges one of the best banks in Nigeria in the aspect of international trade cash payment from Deutsche Bank AG of Germany. This is coming after the bank got the Agric Bank of the Year Award by the Nigeria Agriculture Awards (NAA). This feat was made known at the 6th edition of the Straight Through Processing (STP) Excellence Award 2016/2017 Dinner held in Lagos, where the bank emerged second runner-up. While the award was presented by Mr. Harold Leenen, Managing Director, GTB Head Middle East & Africa of Deutsche Bank, the Executive Director, Operations & Services, Yemi Odubiyi, flanked by Group Head, Trade Services, Mr. Ayodele Ogumeru, both of Sterling Bank, received the honour. Guest speaker of the occasion, Omolara Akanji who doubles as Vice-chairman, ICC Banking Commission, said trade financing and currency management were two processes that dovetailed into payment systems which are core processes in the financial services sector. Akanji noted that Deutsche Bank had been in Nigeria since the early 1970s and had made serious impact on trade financing and currency management services as a correspondent banking service provider. The guest speaker who is also Vice-Chairman appreciated the honour accorded her to speak in an occasion where banks were being recognised for their roles in trade financing and currency management, especially because the ICC Banking Commission was basically directed towards rule making for trade and trade financing. According to her, the banking sector that greased economic activities had been struggling with non- performing loans which had risen to 14 per cent from a regulatory ratio of five per cent Against this backdrop, she remarked that many correspondent banks in the US, Europe and other major centres around the globe had purged their correspondent banking relationship with Nigerian banks as part of the phenomenon known as “de-risking.” 

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