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.