All shareholders of Zenith Bank Plc have voted in favor of restructuring the bank’s operations into a holding company. This landmark decision was made during a court-ordered Extraordinary General Meeting (EGM), conducted virtually from Zenith Heights, the bank’s headquarters in Victoria Island, Lagos.
During the meeting, shareholders unanimously agreed to transfer 31,396,493,787 ordinary shares of 50 Kobo each from Zenith Bank Plc to Zenith Bank Holding Company Plc (HoldCo). This transfer was done in exchange for the allotment of an equal number of ordinary shares in the share capital of HoldCo, maintaining the same proportion to their existing shareholding in the bank.
Additionally, shareholders approved that each existing Global Depositary Receipt (GDR) Holder receive one new HoldCo GDR for each existing GDR held. Furthermore, they authorized the transfer of all shares held by the bank’s nominees in Zenpay Limited, a direct subsidiary of HoldCo, along with associated rights and liabilities, to HoldCo.
In a strategic move, the Board of Directors was also empowered to delist the bank’s shares from the official lists of the Nigerian Exchange and delist the Existing GDRs from the London Stock Exchange. Moreover, the Board was authorized to re-register the bank as a private limited company under the Companies and Allied Matters Act (CAMA) 2020.
During the EGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank, expressed gratitude to shareholders for their unwavering support, which has contributed significantly to the bank’s remarkable performance. He lauded the transition to a holding company structure, foreseeing it as a strategic move to leverage emerging opportunities in the Fintech space and bolster digital and retail banking initiatives.
Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive, commended Jim Ovia for his pivotal role in establishing Zenith Bank as a trailblazer in Nigeria’s financial services industry. He expressed optimism about the bank’s growth prospects under the new holding company structure, particularly in exploring opportunities beyond traditional banking, such as Fintech. Onyeagwu announced the imminent launch of Fintech initiatives, following approval and licensing from the Central Bank of Nigeria (CBN).
The transition to a holding company presents an opportunity for Zenith Bank to unlock shareholder value and diversify its operations while remaining at the forefront of innovation in the financial services sector.
