Following a media report on 9 banks currently suspended from the FOREX MARKET, sterling bank plc reached out to the public on the stands of the financial institution.
The statement reads :
As a key stakeholder in the Bank, we would like to clarify the current situation as follows: While this is a broader banking sector issue arising from the current difficult market conditions, Sterling Bank continues to work with its client and the banking sector regulator to resolve the situation in the shortest possible time; We wish to correct the erroneous impression created in the media that there was concealment of information on this subject. Sterling Bank, at all times reported the balances involved to the Central Bank and participated in several bilateral and multilateral discussions with other stakeholders to resolve the matter; Arising from the efforts referenced above, we have now reduced the sum outstanding considerably in a very short period; As an institution built on the core values of integrity and sound corporate governance, the Bank has always complied with all regulatory and other operating requirements and the TSA regulation is no exception to this proud record. As an institution that places our customers’ needs above all else, we understand the importance of access to foreign currency solutions to you and your business. To this end, we are doing everything within our power to reduce or totally eliminate any obstacles that you may face in this regard by ensuring that our relationship managers stand ready with effective solutions to your requirements. For the majority of customers, there will be no impact as your own deposits in all currencies will remain available to you 24 hours a day x 7 across our internet, mobile and branch banking platforms. Additionally, branch services like offshore and domestic transfers remain available during this period. However, for those customers requiring the use of trade finance facilities, our specialist team will be on hand to advise you on the appropriate solution during this short period of resolution. For further enquiries, kindly contact our One Customer Centre on 014484481-5 or 012774660, send an email to customercare@sterlingbankng.com or visit any of our branches closest to you. We assure you of excellent services at all times, thank you for choosing Sterling Bank.
