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.”

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