In a significant move for Zenith Bank Plc, shareholders have given the green light for the bank to restructure into a holding company. The decision came during a court-ordered Extraordinary General Meeting (EGM) held virtually from Zenith Heights in Victoria Island, Lagos.
Additionally, holders of the bank's Global Depository Receipts (GDRs) will receive new HoldCo GDRs on a one-for-one basis. The bank’s interests in Zenpay Limited, a direct subsidiary of the HoldCo, along with all associated rights and liabilities, will also transition to the HoldCo.
Another critical aspect of the restructuring involves the delisting of the bank's shares and GDRs from the Nigerian Exchange and the London Stock Exchange, respectively. Furthermore, Zenith Bank will re-register as a private limited company.
Jim Ovia, Founder and Chairman of Zenith Bank, expressed gratitude to the shareholders for their steadfast support and highlighted the strategic advantages of transitioning to a HoldCo structure. He noted that this change would enhance the bank's ability to explore new opportunities, particularly in the Fintech sector, and strengthen its capabilities in digital and retail banking.
Group Managing Director/CEO Ebenezer Onyeagwu shared his enthusiasm about the future prospects of the bank under the new structure. He elaborated on the benefits of the HoldCo model, which will allow Zenith to diversify its investments and explore new business verticals beyond its current banking operations. This strategic shift is expected to unlock significant value for shareholders and broaden the bank’s scope both in Africa and globally.
The transformation into a holding company is set to position Zenith Bank as a more agile and versatile entity, ready to capitalize on emerging opportunities across various sectors
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