CBN Ratifies Indian Director For Sterling Bank

The Central Bank of Nigeria (CBN) has approved Sterling Bank’s appointment of  India’s Manish Singhal  as non-executive director to its Board.

The bank announced the apex bank’s ratification in a statement at the weekend.

Banks are required by law to obtain regulatory approval before appointing new directors to Board.

Sterling Bank explained that Singhal’s appointment  was in recognition of his “expertise and wealth of experience” in  financial technology. The move, no doubt, aligns with its commitment to creating a digital-friendly banking ecosystem.

Singhal’s appointment was announced in a corporate disclosure the bank filed with the Nigerian Stock Exchange.

Who Is Manish Singhal?

Singhal, an Indian consumer banker with over 26 years of experience in the financial services sector, currently holds the position of General Manager (Operations) in the global banking group of the State Bank of India (SBI).

A financial tech expert, Singhal will bring his wealth of experience to bear on Sterling Bank’s operations, in line with the digitalisation trend in Nigeria’s financial services ecosystem.

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He is appointed to serve alongside fellow Indian, Ankala Prasad, who also  represents the interest of  the Mumbai-based public sector bank, SBI.

SBI is India’s largest bank, and ranks 53rd globally.

According to S&P Global Market Intelligence, SBI is only second to Silverlake Investment in terms of shareholding in Sterling Bank.

Available documents from the company describes Singhal as “full-time director and chief financial officer at SBICAP Securities Limited, which is the brokerage business arm of SBI.

His experience spans the broad spectrum of risk management, product development and compliance,  customer service, human resources, business development and  administration.

As new director in Sterling Bank, Singhal comes with a Master of Science in Mathematics from the Garhwal University. He is s certified as an associate of the Indian Institute of Bankers (CAIIB).

Sterling Bank says it is determined to transform into a digital-friendly financial institution. It is expected that the new expatriate bankers will play a major role in actualizing the stated objectives.