Bank of Ghana, CBN approve subsidiary for Zenith


August 24, 2005/Source The Guardian



A new subsidiary that would take the services of Zenith Bank Plc to Ghana has been approved by the Bank of Ghana and the Central Bank of Nigeria (CBN).

Chairman of Zenith Bank, Mr. Macauly Pepple disclosed this to shareholders at the bank\'s yearly general meetings held in Abuja on Monday.

According to him, the new subsidiary is part of ways of strengthening the value of the bank\'s franchise, which is already being done by the existing subsidiaries in Nigeria.

He added that the bank would continue to aggressively expand its branches to be able to deliver better earning to shareholders.

Pepple said: \"We will continue to step up our branch expansion policy to leverage emerging market opportunities in order to continue to deliver superior earnings which will serve as a catalyst for the envisaged consistent share price rise in the new financial years.

\"The bank recently secured approval from the Central Bank of Nigeria and bank of Ghana to open a subsidiary in Ghana. We are determined stamp our footprint of consistent superior performance matched with efficient service delivery system in the Ghanaian banking industry.\"

He continued: \"Our associated companies are vigorously adding value to our franchise. Zenith General Insurance Company Limited is redefining Service delivery in the country\'s insurance landscape.

Zenith Registrars has introduced innovative service delivery modes in the registrar business driven deployment of information technology.\"

Looking ahead, Pepple told shareholders that the bank\'s future is brighter since the economy is expected to be rated better worldwide due to the recent debt relief granted the country by the Paris Club, which the bank is ready to leverage on.

He said: Our projection is predicated on the perceived growth of our economy occasioned, in part, but the envisaged improved global credit rating fostered by the 60 per cent debt relief granted the country by the Paris Club of creditors.

\"This is turn will attract export credit agencies and correspondent banks. With an improved country risk rating and increased capital of the bank, we will bust the limits of our performance. We look forward to better days ahead in Nigeria.

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