Shareholders okay Zenith Bank HoldCo structure transition

The approval was secured during a court-ordered Extraordinary General Meeting . The meeting held virtually at the weekend from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos.

Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR. In his remarks during the EGM, the bank’s Founder/ Chairman, Jim Ovia, thanked the shareholders for their unwavering commitment, which has been instrumental in the bank’s outstanding performance over the years. He expressed his delight at witnessing the transition of the Bank to a holding company, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.

“It is going to be focusing on an area that we know has not been touched on by anyone. So it is more like us finding an open wide space where we can begin to operate, and with a HoldCo, what that means is that we have an opportunity to diversify our investment. We can begin to look at other business verticals that were restrained by the kind of authorisation we have.

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