Zenith Bank is authorized to operate as a financial holding company in principle by the Central Bank of Nigeria.
On Friday, the company made plans to alter its organizational structure in a statement that was signed by Michael Otu, the company secretary.
The company will now have subsidiaries in the banking and financial services sectors as a result of this change.
“The CBN has granted approval-in-principle for Zenith Bank to operate a non-operating financial holding company structure,” read a portion of the statement.
“Furthermore, the CBN approved Mr. Jim Ovia as the Chairman of Zenith Holdco Plc (information) and for Mr. Ovia to also continue as the Chairman of Zenith Bank until the commencement of Zenith Holdco,” according to the announcement.
The country’s number of banks serving as financial holding companies will rise as a result of this move.