Zenith Bank shareholders approve Holdco structure

Shareholders have approved the move by the Zenith Bank board to become a holding company.

The approval was given at a court-ordered meeting on Friday, April 26, 2024.

The shareholders also approved the transfer of shares of Zenpay, a direct subsidiary to the holding company.

Ebenezer Onyeagwu, Chief Executive Officer (CEO) of Zenith Bank, disclosed that the move aligns with the bank’s growth plans.

“First, I’m very much happy and elated by the kind of confidence in our vision that the shareholders have.

“And I feel very glad, I feel very happy, because this is a pivotal move that will really enable us to continue and achieve sustainable growth across different business verticals.

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“So it’s quite pleasing because with a holdco, we’re in a position to do much more than what we are doing.

“And we will run process improvement, governance will be improved, risk management is going to be enhanced.

“We are going to become a lot more resilient because we now have different verticals in that different management group.

“So decision will be faster, quick and nimble. So you’ll see that our route to market in terms of pursuing different business initiatives will now be faster.

“And above all, we are also seeing the opportunity that a holdco will present in terms of unlocking value beyond the shores of this country.

“We should be able to achieve sustainable growth over the period and be able to continue to deliver enhanced shareholder value.

“One of the plans basically in this holdco structure is to tap into the non-banking and as well as the banking industry basically. And then we’re seeing the birth of ZPay, which is a significant step” he said