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Zenith Bank Gets Approval To Operate As HoldingCo




Zenith Bank has been approved by the Central Bank of Nigeria (CBN) to operate as a financial holding company.

The company revealed plans to change its organizational structure in a statement released by the Company Secretary, Michael Otu, on Friday.

Following the directive, the organization will have a banking subsidiary along with other subsidiaries in the financial services sector.

The statement reads in part, “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.”

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This move will increase the number of banks operating as financial holding companies in the country.