CENTRAL BANK GRANTS ZENITH BANK AUTHORITY TO OPERATE A FINANCIAL HOLDING COMPANY

Zenith bank on March 3 2023 gets Central Bank's approval in principle to operate their holding company (in formation) known as Zenith Holdco Plc. The Apex bank informed the Nigerian Exchange Group and shareholders of the approval today.

This will in no small way affect changes in the operating structure of the bank, but it is definitely a welcomed development for the shareholders of the bank.

The bank which holds over $21.667 billion in total assets sort approval to further expand its interest into other sectors of the economy.

CBN had in recent times granted similar approval to Access bank, Guarantee Trust Bank, and Sterling Bank to operate Holdco companies and now Zenith Bank has been added to the growing list.

The company, which is named Zenith Bank Holdco Plc would be surely listed by the Nigerian Exchange Group (NXG) and the London Stock Exchange where the bank already has traded interests.

It was further noted on the approval confirmed by the company's secretary and general counsel Mr. Michael Osilama Otu that the CBN also approved the bank's founder Mr. Jim Ovia as the chairman of zenith bank Holdco plc until the commencement of the company.

He concluded that further details as regards the approval will be communicated in due course.

It waits to be seen where the bank will further its interest but the future it promises cannot be over-emphasized.