Zenith Bank now listed on London Stock Exchange
Zenith Bank Plc has been listed on the London Stock Exchange (LSE), making it the third financial institution to join the elite league in the market.
Other banks from the country listed on the LSE are, Guaranty Trust Bank Plc and Diamond Bank Plc.
Specifically, Zenith Bank is listing Global Depository Receipts (GDRs) in London, giving it 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.
According to Head of Primary Markets, Africa, at London Stock Exchange, Ibukun Adebayo: '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 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 bank's listing means that the two largest Nigerian financial Institutions by market capitalisation are now 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 Bank 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.
LSE is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on the Exchange have raised over £4.2 billion in new and further issues.
Zenith Bank has 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 at 366 branches and total assets of $27billion, it is the biggest Nigerian bank in terms of Tier 1 capital and shareholders' funds.