The Central Bank of Nigeria (CBN) has given approval in principle to Zenith Bank to operate as a financial holding company.
The move is set to increase the number of banks operating as a financial holding company in the country.
Zenith Bank, in a statement by the Company Secretary, Michael Otu, on Friday, said the company had plans to change its organisational structure.
According to him, 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.
“Furthermore, the CBN approved Mr Jim Ovia as the Chairman of Zenith Holdco Plc (in-formation and for Mr Jim Ovia to also continue as the Chairman of Zenith Bank until the commencement of Zenith Holdco,” the statement read.
