Zenith Bank has announced the establishment of 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.
Reports say the Central Bank of Nigeria (CBN) had granted Approval-In-Principle for Zenith Bank to operate a Holding Company.
Jim Ovia will become the Chairman of Zenith Holdco, which is still in formation.
Until its commencement, Ovia is expected to continue in office 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. 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 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; and Herbert Wigwe who also set up Access Corp as the holding company for Access Bank.