The Central Bank of Nigeria (CBN) has given approval to Zenith Bank Plc to operate as a financial holding company, ‘Zenith Holdco Plc’.
In a statement signed by the Company Secretary, Michael Otu, on Friday, the lender revealed plans to change its organisational structure.
With this change, the organisation will have a banking subsidiary along with other subsidiaries in the financial services sector.
The CBN has granted approval-in-principle for Zenith Bank to operate a non-operating financial holding company structure.
The apex bank also approved Mr Jim Ovia as the Chairman of Zenith Holdco Plc in-formation. Mr Ovia is expected to continue as the Chairman of Zenith Bank until the commencement of Zenith Holdco.