If you would love to know about Sterling Bank salary structure in Nigeria currently, then this is the information that you have been looking for. In this article, we will be discussing about how much Sterling Bank Nigeria pays their staff/workers every month as salaries, and if you are a prospective employee of this financial institution, their pay range should interest you as everything you need to know about this topic is treated in detail in this post. Kindly read along.
BRIEF HISTORY OF STERLING BANK PLC
In 1960, Sterling Bank commenced operations as NAL Bank, one of Nigeria’s pre-eminent investment banking institutions. Following the Indigenization Decree of 1972, the Bank became a government owned institution. Between 1972 – 1992, Sterling Bank was managed in partnership with Grind lays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited.
The Bank was partly privatized in 1992 and listed as a public company on the Nigerian Stock Exchange (NSE). In 2000, the Federal Government of Nigeria sold its residual interest in the bank effectively making it a fully privatized financial institution. In January 2006, NAL Bank completed a merger with four other Nigerian Banks namely; Magnum Trust Bank, NBM, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB).
The merged entities have successfully integrated and are operating as a consolidated group with the name Sterling Bank. By the year 2012, the entire business interest of the defunct Equatorial Trust Bank (ETB) was also assimilated into Sterling Bank, effectively enhancing their position in the hierarchy of respectable players in the Nigerian banking industry on all key parameters.
Sterling Bank is one the leading commercial banks licensed to operate by the Central Bank of Nigeria and its employees are paid attractive sums every month, and when compared with their colleagues at other banks, the members of staff at Sterling Bank are doing just fine. Without further delay, let us see how much Sterling Bank Plc pays their workers below.
STERLING BANK PLC SALARY STRUCTURE IN NIGERIA: HOW MUCH THEY PAY THEIR STAFF MEMBERS
We shall be looking at the breakdown of how much Sterling Bank Plc pays their members of staff at different professional levels. Contract staff are paid the lowest salaries at the bank while permanent staff are paid high salaries. Permanent staff at the bank include the entry level workers, and all other banking and senior banking officers all through to the branch managers, etc. Sterling Bank pays according to employee levels as we shall see below.
GRADUATE TRAINEE SALARY STRUCTURE AT STERLING BANK PLC
At Sterling Bank, graduate trainees are paid monthly salaries in the range between ₦55,000 – ₦65,000 per month. This period serves as a probation period. During this period, fresh graduates who are newly employed are trained for a period of 4-6 months, it may be more or less but the time frame of the training is a bit lengthy so as to get the fresh intakes up to speed with the way the bank operates.
HOW MUCH ARE ENTRY LEVEL STAFF PAID AS SALARY PER MONTH AT STERLING BANK?
The starting salary for entry level workers at Sterling Bank, that is, those members of staff that have successfully completed their graduate trainee programme and absorbed into the company on a full-time basis, is between the pay range of ₦140,000 – ₦150,000 per month. Other payment benefits improve the salary significantly.
HOW MUCH ARE STERLING BANK LOAN OFFICERS PAID AS SALARY PER MONTH?
Loan Officers at Sterling Bank Plc are paid salaries higher than entry level workers because of their higher professional level which they occupy. Their monthly take home pay is in the region of about ₦500,000, which amounts to ₦6 million every year.
HOW MUCH ARE CREDIT ANALYSTS PAID PER MONTH AT STERLING BANK PLC?
Credit analysts are senior banking officers at Sterling Bank and their monthly salaries are understandably impressive, with the pay ranging just above ₦600,000, amounting to just over ₦7 million per year. Not everyone becomes credit analysts at the bank as the position is very competitive.
HOW MUCH DOES STERLING BANK PAY ITS BRANCH MANAGERS AS SALARY PER MONTH?
Branch managers are the most senior members of staff at any given branch of Sterling Bank and they are paid the highest salaries. Their monthly earnings fall in the range between ₦650,000 – ₦700,000 which amounts to annual salaries ranging between ₦7.8 million – ₦8.4 million.