Zenith Bank Plc has received preliminary authorisation from the Central Bank of Nigeria (CBN) to function as a financial holding company, Zenith Holdco Plc.
The lender announced plans to modify its organizational structure in a statement signed by the Corporate Secretary, Michael Otu, on Friday.
With this development, the organization will have a banking subsidiary in addition to other financial services businesses.
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“The CBN has given approval-in-principle for Zenith Bank to operate a non-operating financial holding company structure,” according to the announcement.
“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.”
This move will increase the number of banks operating as a financial holding company in the country.