New head office annex has little impact on bottom line — Sterling Bank CEO

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MANAGING Director and Chief Executive of Sterling Bank, Mr. Yemi Adeola, has said that the cost of constructing the bank’s new head office annex will not have significant impact on the bottom-line.MANAGING Director and Chief Executive of Sterling Bank, Mr. Yemi Adeola, has said that the cost of constructing the bank’s new head office annex will not have significant impact on the bottom-line.He stated this while inspecting the head office annex, in company of the bank’s chairman, Mr. Asue Ighodalo.Adeola said despite the significant amount spent on the construction of the annex, the impact on the bottom-line would be less when it is amortized over time.

He said that though the bank’s head office is on the Lagos Island like most of the competition, a decision was taken to build the annex in the mainland area of Lagos to maximise benefits available from business opportunities in the metropolis.

•Yemi Adeola, Sterling Bank MD

Adeola explained that a new head office had become inevitable because the bank’s operation was expanding and the existing head office was becoming too small for its level of operation while the associated high rent which the bank was paying on rented premises had become untenable.

On his part, Chairman of Sterling Bank, Ighodalo, commended the bank’s management for desiring to give its employees one of the best working environments possible. He added that    the new workplace will ensure optimal productivity, job satisfaction and talent retention.  He noted that although some of the bank’s competitors also have head office annexes.”

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