The Central Bank of Nigeria (CBN) has granted Zenith Bank Plc preliminary license to function as a financial holding company, dubbed “Zenith Holdco Plc.”<\/p>\n
A holding company is a parent corporation that holds the controlling stock or membership interests in its subsidiaries.<\/p>\n
Friday, the lender announced its intention to alter its organizational structure in a statement signed by Corporate Secretary Michael Otu.<\/p>\n
With this modification, the organization will have a banking subsidiary in addition to other financial services-related businesses.<\/p>\n
A portion of the statement said, “The CBN has granted Zenith Bank preliminary authorisation to operate a non-operating financial holding company structure.<\/p>\n
“Furthermore, the CBN approved Mr. Jim Ovia as Chairman of Zenith Holdco Plc (in-formation, with Mr. Jim Ovia continuing as Chairman of Zenith Bank till the beginning of Zenith Holdco.”<\/p>\n
This action will boost the number of banks in the country that operate as financial holding companies.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has granted Zenith Bank Plc preliminary license to function as a financial holding company, dubbed “Zenith Holdco Plc.” A holding company is a parent corporation that holds the controlling stock or membership interests in its subsidiaries. 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