The CEO of Zenith Bank, Peter Amangbo has revealed plans by the bank to set up an office in Dubai as it a bid to cater for its growing clientele in Asia.
The CEO confirmed this in an interview with CNBC Africa explaining that the Dubai office will be a subsidiary of their UK Bank
“We are in the process of finalising the establishment of an office in Dubai. Dubai will be a subsidiary of Zenith Bank UK as the country will be a gateway into Asia,” Amangbo told CNBC Africa on the side lines of the World Economic Forum (WEF) Africa in Cape Town.
“Because the volume of business between Nigeria and many Asian countries has increased over time we believe that Dubai would be a very good point to service our customers especially when it comes to trade and services.”
It is however unclear if it will run as a full fledged commercial bank or will provide just trade and financial services which will not include banking or soliciting for deposits.