Zenith Bank Plc said Friday it has received approval-in-principle from the Central Bank of Nigeria (CBN) to convert its operational structure to a financial holding company (Holdco).
A substantive approval for Zenith Bank will increase the number of banks operating as a financial holding company in Nigeria, following the likes of Stanbic IBTC, First Bank, UBA Group, First City Monument Bank (FCMB), Access Bank, and GTBank.
Under the CBN guidelines, the Holdco structure allows banks to expand their financial services to pensions, insurance, asset management and fintech.
A statement by the Bank’s Company Secretary, Michael Otu, 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 Plc until the commencement of Zenith Holdco Plc.”
The CBN has granted approval-in-principle for Zenith Bank to operate a non-operating financial holding company structure.
