Zenith Bank
{{Short description|Nigerian commercial financial services company}}
{{use dmy dates|date=December 2024}}
{{Infobox company
| name = Zenith Bank Plc
| traded_as = {{Nigerian Stock Exchange|ZENITHBANK}}
{{lse|ZENB}}{{cite web|location=London| url=http://www.lseg.com/markets-products-and-services/our-markets/london-stock-exchange/equities-markets/raising-equity-finance/market-open-ceremony/welcome-stories/london-stock-exchange-delighted-welcome-zenith-bank-main-market | title=London Stock Exchange Is Delighted To Welcome Zenith Bank To The Main Market | date=21 March 2013 | access-date=27 September 2016 | last=LSEG - Welcome Stories| publisher=London Stock Exchange Group (LSEG)}}
| logo = Zenith Bank logo.svg
| logo_size = 150px
| type = Public limited company
| foundation = {{start date and age |1990}}
| founder = Jim Ovia
| location_city = Zenith Heights, Plot 83, Ajose Adeogun street, Victoria Island, Lagos
| location_country = Nigeria
| location =
| locations =
| area_served = Ghana, Nigeria, Sierra Leone, South Africa, UK, UAE
| key_people = Adaora Umeoji (CEO){{cite news| url=https://www.channelstv.com/2024/03/19/zenith-bank-appoints-adaora-umeoji-as-first-female-gmd-ceo/|title=Zenith Bank Appoints Adaora Umeoji As First Female GMD/CEO|last=Egobiambu|first=Emmanuel|date= March 19, 2024|publisher=Channels TV}}
| industry = Finance
| services = Banking
| revenue = $854m (2019)
| operating_income =
| net_income =
| assets = {{increase}}$21,667bn (2021){{cite web| url= https://www.zenithbank.com/Resources/Zb2016FYE-Full-statement.pdf | title= Zenith Bank PLC Annual Report - 31 December 2016 | access-date=11 March 2017 | date= 11 March 2017| location=Lagos |publisher=Zenith Bank Plc | author=Zenith Bank Plc}}
| num_employees =
| subsid =
| homepage = {{URL |https://www.zenithbank.com/ }}
}}
Zenith Bank Plc is a major financial services provider in Nigeria and Anglophone West Africa, headquartered in Victoria Island, Lagos. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator.{{cite web| url=http://www.cbn.gov.ng/Supervision/Inst-DM.asp | title=List of Financial Institutions: Licensed Commercial Banks | access-date=27 September 2016 | date=27 September 2016 |publisher=Central Bank of Nigeria (CBN) | author=CBN | location=Abuja}}
{{As of|2024|04|1}}, it holds more than $16.5bn in total assets, with shareholders' equity of $854 million.{{Cite web |last=Abimbola |first=Oluwakemi |date=2024-05-05 |title=Zenith Bank grows assets by N3.9tn in three months |url=https://punchng.com/zenith-bank-grows-assets-by-n3-9tn-in-three-months/ |access-date=2024-07-06 |website=Punch Newspapers |language=en-US}} The company is listed on the Nigeria Stock Exchange and the London Stock Exchange. Irrespective of the current economic inflation in Nigeria, the bank had ₦727.03 billion payment before tax (PBT) in H1 2024.{{Cite web |title=Despite Headwinds, GTCO, Zenith, Ecobank, Nine Other Listed Banks Generate N3.81tn Profit in H1 2024 – THISDAYLIVE |url=https://www.thisdaylive.com/index.php/2024/10/06/despite-headwinds-gtco-zenith-ecobank-nine-other-listed-banks-generate-n3-81tn-profit-in-h1-2024/ |access-date=2024-10-14 |website=www.thisdaylive.com}} It won the "Bank of the year award" and the "Retail Bank of the year" at the [https://businessday.ng/ BAFI] awards in October 2024.{{Cite web |title=Zenith Bank Wins 'Bank of The Year' and 'Retail Bank of the Year' at BAFI Awards 2024 |url=https://www.zenithbank.com/media/news/zenith-bank-wins-bank-of-the-year-and-retail-bank-of-the-year-at-bafi-awards-2024/ |access-date=2024-11-11 |website=Zenith Bank Plc |language=en-US}}
History
= Competitive environment =
The Nigerian banking industry of the early 1990s was led by a select group of four major banks: Union Bank, First Bank, UBA, and Afribank.
= Foundation =
In 1990, Jim Ovia founded Zenith Bank plc to compete with the existing four major banks.{{Cite web |date=2021-11-04 |title=Okowa salutes Jim Ovia at 70 |url=https://www.vanguardngr.com/2021/11/okowa-salutes-jim-ovia-at-70/ |access-date=2022-03-04 |website=Vanguard News |language=en-US}} Zenith Bank was established in May 1990 and commenced banking operations in July of the same year. At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the central bank granted up to twenty banking licenses a year to investors. The bank's first office was originally a residential house in Victoria Island that was modified into a banking hall. In its early years, the bank witnessed a period of rapid growth.{{Cite news|url=https://allafrica.com/stories/200008210203.html|title=The Pearl of Banking|last=Salami|first=Semiu|date=August 21, 2000|work=The News (Lagos)}} In 1997, following a directive for banking institutions to shore up their capital base, Zenith increased its capitalization to 500 million naira.{{Cite news|url=https://allafrica.com/stories/199812210013.html|title=Business Banks Falling Short|last=Salami|first=Semiu|date=December 21, 1998|work=The News (Lagos)}}
=Growth using technology=
In 1999, Zenith Bank embraced the use of the internet for marketing financial services and to promote the use of online banking by consumers and becoming one of the earliest companies to invest in online banking.{{Cite news|last=Obiabaka|first=Chioma|date=July 6, 1999|title=The 'In' Thing|work=The News (Lagos)|url=https://allafrica.com/stories/199907060222.html}} In the early 2000s, Zenith's profile began to rise, its investments in information technology helped it compete against the major banks that had a larger branch outreach and it soon began to announce net profits comparable to some of the older big banks.
= IPO =
On 17 June 2004, following a successful IPO, the bank became a public limited company. On 21 October 2004 its shares of the stock were listed on the Nigeria Stock Exchange (NSE). The bank's shares are traded on the London Stock Exchange (LSE) following a listing of the $850 million worth of its shares at $6.80 each, in 2013.
The bank has equity investments in Zenith Custodian, Zenith Securities, and Zenith General Insurance.
Branch network
{{As of |2016}}, Zenith Bank had more than 500 branches and business offices in all states and the Federal Capital Territory.{{cite web|access-date=27 September 2016| url=https://www.zenithbank.com/CorporateInfo.aspx | title=Zenith Bank Plc: Corporate Information |date=27 September 2016 | publisher=Zenith Bank | author=Zenith Bank | location=Lagos}} It maintains subsidiaries in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone and The Gambia. The Bank also has an office in China. In 2024, Adaora Umeoji became the CEO, succeeding the immediate CEO, Ebenezer Onyeagwu.
See also
{{Clear}}
References
{{Reflist|30em}}
{{Portal|Banks}}
External links
- [http://www.worldfinance.com/strategy/esg/zenith-bank-the-success-story-of-nigerian-banking Zenith Bank: The success story of Nigerian banking]
- [https://www.nigerianbulletin.com/threads/what-nigerian-banks-pay-their-workers.115180/ What Nigerian Banks Pay Their Workers - 29 July 2015].
{{Authority control}}
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Category:Banks established in 1990
Category:Companies in the NSE-30 Index
Category:Companies listed on the London Stock Exchange
Category:Companies listed on the Nigerian Stock Exchange
Category:Multinational companies based in Lagos