The operation of Zenith Bank as a financial holding company has received preliminary approval from the Central Bank of Nigeria.
The bank announced plans to alter its organizational structure in a statement on Friday that was signed by the company secretary, Michael Otu.
With this modification, the organization will have a banking subsidiary in addition to other financial services-related businesses.
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The CBN has given Zenith Bank approval-in-principle to run a non-operating financial holding company structure, according to a portion of the statement.
“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.”
This move will increase the number of banks operating as financial holding companies in the country.
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