# Tags
#Business

Zenith Bank Shareholders Endorse Transition to Holding Company

In a landmark decision, shareholders of Zenith Bank Plc voted overwhelmingly to transition the institution into a holding company structure. The approval, granted during a court-convened Extraordinary General Meeting held virtually over the weekend, heralds a pivotal moment in the bank’s evolution.

Aligned with the Scheme of Arrangement outlined on March 28, 2024, under Section 715 of the Companies and Allied Matters Act (CAMA) 2020, shareholders ratified the transfer of 31.396 billion ordinary shares from Zenith Bank Plc to Zenith Bank Holding Company Plc. The exchange, conducted in proportion to existing shareholdings, signifies a strategic shift in the bank’s corporate architecture.

Additionally, shareholders endorsed the issuance of new HoldCo Global Depository Receipts (GDRs) to existing GDR holders and approved the consolidation of Zenpay Limited under the holding company umbrella.

Empowering the Board of Directors, shareholders authorized the delisting of Zenith Bank shares and existing GDRs from the Nigerian Exchange and the London Stock Exchange, respectively. Concurrently, the Bank will undergo re-registration as a private limited company pursuant to CAMA Act 2020.

Jim Ovia, Founder and Chairman of Zenith Bank, lauded the transition as a transformative milestone poised to propel the institution’s foray into emerging fintech opportunities while fortifying its digital and retail banking initiatives.

Echoing Ovia’s sentiments, Dr. Ebenezer Onyeagwu, Group Managing Director/CEO of Zenith Bank, commended the visionary leadership of Ovia in steering the institution towards sustained excellence in Nigeria’s financial landscape.

Leave a comment

Your email address will not be published. Required fields are marked *