Zenith Bank Move Higher As London Stock Exchange Listing Validates CFI.co Award As ‘Best Bank In Africa’

Zenith Bank, the largest Nigerian bank by tier-1 capital is now listed in London.

This development came to be on Thursday March 21 2013- and validates recent award of ‘Best Bank In Africa’, by world recognised institution – CFI.co on the reputable financial institution.

( Here is a link to details of the celebrated recognition via the headline ‘Zenith Bank Emerges Best Bank In Africa!
+details and strategies of how Emefiele led institution became no 1’)

According to information made available to societynowng.com ‘The listing also gives Zenith access to the deepest international pool of capital in the world, currently holding more than $1.8 trillion in international equity assets. It joins five other companies on London Stock Exchange’s markets that have major operations in Nigeria.’

Here is reproduction of the details of the financial landmark occurrence as released by the London Stock Exchange
‘London Stock Exchange today welcomes Zenith Bank, one of Nigeria’s largest banks, to its Main Market. The company is listing Global Depository Receipts (GDRs) in London, giving the bank access to a wide range of major institutional investors and significantly raising its international profile. The company’s market capitalisation at listing was $4.24 billion.

Zenith Bank is admitting 125 million GDRs which will trade on London Stock Exchange’s International Order Book, the world’s largest and most liquid GDR market. Each Zenith Bank GDR represents 50 ordinary shares.

Zenith’s listing means that the largest Nigerian bank by tier-1 capital isnow listed in London. The bank joins a vibrant community of 58 emerging market banks listed in London, valued collectively at just under $75 billion. The listing also gives Zenith access to the deepest international pool of capital in the world, currently holding more than $1.8 trillion in international equity assets. It joins five other companies on London Stock Exchange’s markets that have major operations in Nigeria.

London Stock Exchange is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on London Stock Exchange have raised over £4.2 billion in new and further issues.

97 Sub-Sahara African focussed companies are listed on or admitted to London Stock Exchange Markets, comprising:

• 23 equity listings on Main Market• 2 GDR listings on Main Market• 70 equity admissions on AIM• 2 GDR listings on PSM

Ibukun Adebayo, Head of Primary Markets, Africa at London Stock Exchange, said: “Zenith Bank’s listing highlights London’s leading role in supporting Nigeria’s burgeoning financial sector. Three major Nigerian banks have listed in London demonstrating UK and international investors’ appetite for exposure to this fast growing and increasingly diverse economy.”

Zenith Bank is headquartered in Nigeria, with subsidiaries in the UK, Ghana, Sierra Leone, The Gambia and representative offices in South Africa and China. With a customer base of over two million accounts spread across 366 branches and total assets of $27bn, it is one of the leading Nigerian banks on virtually all parameters.’