April 14, 2014
SUNTRUST MERGES WITH DALA BUILDING SOCIETY
In compliance with CBN’s directives for Primary Mortgage Banks (PMB) to recapitalize from the minimum capital of N100 Million to N2.5 Billion as a National Primary Mortgage Bank by April 30, 2013 which was later extended to December 31, 2013, SunTrust Savings and Loans merged with Dala Building Society and also acquired Oceanic Homes Savings and Loans Limited in February 2014 in order to meet up with the capital requirement of N5 Billion for a National Primary Mortgage Bank, thereby increasing the number of branches from 2 to 4 branches Nationwide.
March 28, 2012
Muhammad Jibrin: REITS presents compelling opportunity for addressing housing crises and to investors in pension funds
SunTrust Savings and Loans Limited MD/CEO Muhammad Jibrin provides more enlightenment on the SunTrust Hybrid Real Estate Investment Scheme (REITS) on his interview with BusinessDay.
March 19, 2012
Muhammad Jibrin:Pension Funds will help Attain Housing for All
On his interview with ThisDay, SunTrust Savings and Loans Limited MD/CEO Muhammad Jibrin argues that with an immediate need for 16 million houses for Nigerians today, only pension funds locked in the vaults of commercial banks can fulfil the long term needs of primary mortgage institutions in the delivery of housing and the provision of mortgage loans.
February 7, 2012
SunTrust Floats N20bn Hybrid Offer
SunTrust Savings and Loans Limited is set to raise N20 Billion from the capital market through a hybrid placement. About 90 percent of the proceed from the SunTrust Hybrid Real Estate Investment Trust Scheme (REITS) is expected to be invested largely in real estate and mortgage assets while 10 percent is to be channeled into quality money market instruments
November 21, 2011
SunTrust deploys eBanking services
SunTrust Savings & Loans Limited has deployed the ebanking suite comprising of the SMS Alert, Phone and Internet Banking Services.
This is in line with its commitment to provide enviable service delivery, encourage customer loyalty and guarantee customer convenience in carrying out banking activities by giving them real-time access to their accounts.
Customers can now visit any of our branches to register for these services.
February 18, 2010
SunTrust implements ICS banking software
SunTrust Savings & Loans Limited has implemented International Computer Systems's BANKS (a banking software) to offer its clients financial services.
SunTrust Savings & Loans's newly opened office at Abuja, Nigeria, will start operations with all International Computer Systems's (ICS's) BANKS modules.
Muhammad Jibrin, managing director of SunTrust Savings & Loans Bank, was quoted as saying: "SunTrust Savings and Loans was established with a vision to become the leading provider of mortgage finance in Nigeria and we were very impressed with the performance of the solution in several banks reviewed during our selection process. "We observed that local financial institutions using the solution displayed much stronger capabilities in information management across the enterprise with enviable levels of customer service. That's why we chose BANKS software, and truly it fulfilled our expectations and more."
November 1, 2009
SunTrust opens for business
SunTrust Savings & Loans Limited (SunTrust) opened for business on November 1, 2009 at their head office located at 6, Dar es salaam Street, Off Aminu Kano Crescent, Wuse II, FCT Abuja, Nigeria.
The bank has commenced mortgage operations and services for customers in the Abuja metropolis but is already set to serve customers across the entire country in the coming weeks.