Zenith Bank gets approval to operate as a holding company

The Central Bank of Nigeria has granted approval in principle for Zenith Bank Plc to transition into a non-operating financial holding company structure.

This was contained in a notice to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

A holding company is a parent business entity that holds the controlling stock or membership interests in its holding companies.

Jim Ovia as the chairman of new Holdco: According to the statement signed by Company Secretary/General Counsel Micheal Osilama Out, the CBN also approved Mr Jim Ovia as the chairman of Zenith Holdco Plc. In the meantime, Ovia will continue to function as the chairman of Zenith Bank Plc until the commencement of Zenith Holdco Plc.

The statement noted that further details in respect of development will be communicated to the market in due course.

With the approval, Zenith Bank will join other big banks like FBN Holdings, GTCO, and Access Holdings, among others as a financial holding company.