Zenith Bank Plc put out a press release notifying The Nigerian Stock Exchange that the Bank has reached an agreement with some investors in respect of the sale and divestment of Zenith Bank’s investment/equity interest in Zenith Securities Limited.
Zenith Bank states that it is currently processing necessary approvals with the Securities and Exchange Commission (SEC) for the divestments and expect that baring the occurrence of any unforeseen circumstance, the process will be completed shortly, after which the company’s Particulars of Directors (Co7) at the Corporate Affairs Commission will be updated accordingly.
Zenith Bank had in its 2014 Q1 Interim report explained that in compliance with the CBN’s Regulation it had submitted a compliance plan which includes the necessary steps to exit from non-core banking activities (except the pension custodianship business). Subsequent to that decision, the Bank has divested from Zenith Registrars Limited in 2012 and in March 2014, divestments from Zenith General Insurance Limited, Zenith Life Assurance Limited, Zenith Capital Limited and Zenith Securities limited were concluded.
In March 2014, the Group disposed 90% of the ordinary share capital in Zenith Securities Limited and Zenith Capital Limited, holding only 10% in each of the companies.