Published: October 31, 2012
Nigerian bank will put plan to shareholders this month.
Zenith Bank, a Nigerian lender, plans to list global depositary receipts on the London Stock Exchange.
The bank, which has been listed on its domestic market since 2004, will put the deal to shareholders at a meeting on November 21. The GDR listing would see the bank issue receipts each representing 50 shares.
Announcing the plan, Godwin Emefiele, Zenith’s CEO, said: “Listing on the London Stock Exchange creates new opportunities for increasing the visibility and liquidity in our securities, as well as for the expansion and diversification of our investor base. Listing in London is an important milestone in our history as we continue to drive our profitable growth and deliver shareholder value.”
JP Morgan is acting as depositary bank.