The restructuring of Zenith Bank into a holding company is approved

Compress 20221205 080456 6266
Compress 20221205 080456 6266

Zenith Bank Plc has received preliminary authorisation from the Central Bank of Nigeria (CBN) to operate as Zenith Holdco Plc, a financial holding company.

An organization’s parent company, known as a holding company, owns the majority of the stock or membership interests in the holding companies it owns.

The lender announced plans to alter its organizational structure in a statement on Friday that was signed by the company secretary, Michael Otu.

With this modification, the organization will have a banking subsidiary in addition to other financial services-related businesses.

The CBN has given Zenith Bank approval-in-principle to run a non-operating financial holding company structure, according to a portion of the statement.

Also, the CBN gave Mr. Jim Ovia approval to serve as Chairman of Zenith Holdco Plc (in-formation) and to remain Chairman of Zenith Bank till Zenith Holdco begins operations.

This action will result in more banks in the nation acting as financial holding companies.

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