The Central Bank of Nigeria has given approval-in-principle to Zenith Bank to operate as a financial holding company.

Zenith Bank Chairman, Jim Ovia

In a statement signed by the Company Secretary, Michael Otu, on Friday, March 3, 2023, the company revealed plans to change its organisational structure.

With this change, the organisation will have a banking subsidiary along with other subsidiaries in the financial services sector.Approval-in-principle

Part of the statement read, “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.”Approval-in-principle This move will increase the number of banks operating as a financial holding company in the country.



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