Sterling Bank Salary Structure: How Much they pay their staff

Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria’s first merchant bank in 1969. Consequent to the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992.

In 1992, the Bank was partly privatized and listed as a public company on the Nigeria Stock Exchange (NSE).

Eight years later, in 2000, the Federal Government sold its residual interest in the bank, effectively making it a fully privatized institution.

In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian Banks namely, Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the name ‘Sterling Bank’. The merged entities were successfully integrated and have operated as a consolidated group ever since.

In line with the Central Bank of Nigeria’s repeal of universal banking, Sterling Bank now operates as a national commercial bank, disposing of holdings in subsidiaries and affiliate companies. In mid-2011, Sterling Bank Plc acquired the franchise of the erstwhile Equatorial Trust Bank.

Here are the Positions and Salary Structure of Sterling Bank:

Graduate Trainees

No matter how good the résumé of someone is or his or her grades in school, no one working in a bank enter the system without undergoing some sort of training.

Every bank including Sterling bank makes training compulsory at least especially in the first four months. During this training or probation period, graduate trainees get paid N55, 000 and N65, 000 naira per month. The training lasts for more than 1 month, but less than 1 year.

Entry Level Staff

After a new recruit has successfully completed his or her training at Sterling Bank, he or she becomes an entry-level staff, and on getting to this point, the person’s take-home package is automatically upgraded.

Entry-level staff at Sterling Bank get paid N145, 000 per month because the person is now a confirmed staff in the company.

Loan Officers

Loan Officers’ salary is a lot more than that of entry-level staff. Loan officers at Sterling Bank get paid N500, 000 per month. This monthly salary sums up to N6, 000,000 per annum.

Credit Analysts

Only a handful of people become credit analysts, compare to the total number of people working in the bank. Credit Analysts get paid a very good salary of N610, 000 per month. This monthly salary is the same as N7, 320, 000 per year.

Branch Manager

The aspiration of many bank workers is to become a branch manager someday. Every bank worker wants this position because of the enormous salary received by branch managers. Branch managers at Sterling Bank earn N600, 000 per month.

Apart from their monthly salary, they are also offered huge allowances more than other staff. As with other companies, Sterling Bank as well as other banks pay for quality service delivery.

The bank may decide to underpay someone when his or her service delivery is reviewed and discovered that it does not match up to the standard remuneration, they could also overpay the one who works tirelessly to ensure that quality service is delivered.

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