Zenith Bank PLC has received approval in principle from the Central Bank of Nigeria to operate as a financial holding company.
The Punch reported that Zenith Bank disclosed plans to change its organisational structure in a statement signed by the Company Secretary, Michael Otu, on Friday to Nigerian Exchange Limited.
With this modification, the organization will also have subsidiaries in the financial services industry and a banking subsidiary.
According to the statement, the new operations would be known as Zenith Holdco Plc and would likely be listed on the Nigerian Exchange Limited while the current company is delisted.
Meanwhile, it was also reported that owing to this new development, Zenith Bank will be the latest member of the big five operating as a financial holding company like FBN Holdings, GTCO, and Access Holdings, among others.
The statement partly reads, “This is to inform the Nigerian Exchange 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.”
