The Central Bank of Nigeria (CBN), has granted Zenith Bank the approval in principle to operate as HoldingCo.
With this development, BizWatch Nigeria understands that the financial institution will now have a banking subsidiary along with other subsidiaries in the financial services sector.
The approval was, however, disclosed in a statement signed by the Company Secretary, Michael Otu, on Friday, March 3, 2023.
“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 read in part.
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