Zenith Bank Set to Operate As Financial Holding Company
Zenith Bank is putting plans in moment to transform into financial Holding Company after it recently got Central Bank of Nigeria (CBN) approval.
Noteworthy, in a statement signed by the Company Secretary, Michael Otu, the bank revealed plans to change its organisational structure. This means that it will have a banking subsidiary along with other subsidiaries in the financial services sector.
“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, ” the statement reads.
This move will increase the number of banks operating as financial holding companies in the country.