Zenith Bank said there has been an approval-in-principle from the Central Bank of Nigeria (CBN) to convert the current operational structure to a holding company.
Once the substantive authorization is received, the bank obtains a license to move into other businesses in financial services including pensions, insurance, asset management and fintech.
Lenders like FBN Holdings, Stanbic IBTC, FCMB Group, GTCO and Access Holdings have used the business to boost their income.
“The CBN approved Mr. Jim Ovia as chairman of Zenith Holdco Plc (information) and for Mr. Jim Ovia to also continue as chairman of Zenith Bank Plc until the inception of Zenith Holdco Plc,” the lender said in a statement that appeared. by PREMIUM TIMES.
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Zenith Holdco will run in a non-operational capacity only overseeing the following subsidiaries without actively participating in day-to-day operations.
Zenith Bank, Nigeria’s largest bank by market value, has a representative office in China.
It also operates branches in the United Arab Emirates and the United Kingdom, where its shares are registered by way of Global Depository Receipts.
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