CBN grants Zenith bank approval-in-principle to run Holding company

The Central Bank of Nigeria (CBN) has granted approval-in-Principle for Zenith Bank Plc to operate a non-operating financial holding company structure.

In a regulatory filing with the Nigerian Exchange (NGX), Zenith Bank said the regulatory bank also approved the bank’s founding chief executive, Jim Ovia, as chairman of the holding company.

The bank said in the regulatory statement that Jim Ovia will also continue as the chairman of Zenith Bank “until the commencement of Zenith Holdco Plc.”

According to the statement, “This is to inform the Nigerian Exchange Limited (NGX), shareholders, and the general public that the CBN has granted approval-in-Principle for Zenith Bank Plc to operate a non-operating financial holding company structure.

“Furthermore, the CBN approved Mr. Jim Ovia as the Chairman of Zenith Holdco Plc (information) and for Mr. Jim Ovia to also continue as the Chairman of Zenith Bank Plc until the commencement of Zenith Holdco Plc.”

“Further details in respect of this will be communicated to the market in due course,” the bank said.

Meanwhile, other Zenith Bank’s competitors, such as Access Bank, Guaranty Trust Bank, and FCMB Plc, have converted to holding companies in their move to expand operations and take advantage of the opportunities in the financial and non-financial sectors of the economy.