Dipo Olowookere
By Dipo Olowookere
Zenith Bank Plc will change its organisational structure with a view to operating as a financial holding company, a notice from the lender has disclosed.
The firm intends to have a banking subsidiary along with other subsidiaries in the financial services sector.
Already, the organisation has obtained the approval-in-principle of the Central Bank of Nigeria (CBN) to change its operating structure.
This new entity would be known as Zenith Holdco Plc and would likely be listed on the Nigerian Exchange (NGX) Limited while the current company is delisted.
Zenith Bank will be the latest member of the big five operating as a financial holding company.
“This is to inform the Nigerian Exchange (NGX) Limited, shareholders and the general public that the CBN has granted approval-in-principle for Zenith Bank to operate a non-operating financial holding company structure.
“Furthermore, the CBN approved Mr Jim Ovia as the Chairman of Zenith Holdco Plc (in-formation and for Mr Jim Ovia to also continue as the Chairman of Zenith Bank until the commencement of Zenith Holdco.
“Further details in respect of this will be communicated to the market in due course,” the disclosure signed by the company secretary, Mr Michael Out, said.
