Zenith Bank has announced that it has established a
non-operating Financial Holding Company (HoldCo), a move that will see its
current chairman, Jim Ovia, remain at the helm of affairs.
The Holding Company named Zenith Holdco Plc is expected to
serve as the parent company of Zenith Bank and allow the firm to expand beyond
its core banking services.
According to a corporate document obtained by Ripples
Nigeria on Friday, it was learnt that the Central Bank of Nigeria (CBN) had
granted Approval-In-Principle for Zenith Bank to operate a Holding Company.
We learnt that Jim Ovia will become the Chairman of Zenith
Holdco, which is still in formation. Before its commencement, Ovia will
continue in his role as Chairman of Zenith Bank Plc.
“This is to inform the Nigerian Exchange Limited (NGX)
shareholders and the general public that the CBN has granted Approval-In-Principle
for Zenith Bank Plc to operate a non-operating Financial Holding Company
structure.
“Furthermore, the CBN approved Mr. Jom 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.”
Ovia is following the footsteps of Segun Agbaje, who
established Guaranty Trust Holding Company (GTCO) from GTBank to remain in
charge. Also, Herbert Wigwe set up Access Corp as the holding company for Access
Bank.
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