The Central Bank of Nigeria (CBN) has granted an approval in principle to Zenith Bank to operate as a holding company (HoldCo).
The bank’s Company Secretary, Michael Otu, in a notice to the Nigerian Exchange Group on Friday, March 3, said Mr. Jim Ovia will still serve as the Chairman.
With the new structure, the banking subsidiary will operate along with other subsidiaries in the financial sector such as pension fund administrator.
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The statement reads: “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.”
Already, many banks such have transformed into holdcos.
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