London Stock Exchange today welcomes Zenith Bank, one of Nigeria\u2019s 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\u2019s market capitalisation at listing was $4.24 billion.<\/p>\n
Zenith Bank is admitting 125 million GDRs which will trade on London Stock Exchange\u2019s International Order Book, the world\u2019s largest and most liquid GDR market. Each Zenith Bank GDR represents 50 ordinary shares.<\/p>\n
Zenith\u2019s listing means that the largest Nigerian bank by tier-1 capital is 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 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\u2019s markets that have major operations in Nigeria.<\/p>\n
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 \u00a34.2 billion in new and further issues.<\/p>\n
97 Sub-Sahara African focussed companies are listed on or admitted to London Stock Exchange Markets, comprising:<\/p>\n
\u2022 23 equity listings on Main Market
\n\u2022 2 GDR listings on Main Market
\n\u2022 70 equity admissions on AIM
\n\u2022 2 GDR listings on PSM<\/p>\n
Ibukun Adebayo, Head of Primary Markets, Africa at London Stock Exchange, said: \u201cZenith Bank\u2019s listing highlights London\u2019s leading role in supporting Nigeria\u2019s burgeoning financial sector. Three major Nigerian banks have listed in London demonstrating UK and international investors\u2019 appetite for exposure to this fast growing and increasingly diverse economy.\u201d<\/p>\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"
London Stock Exchange today welcomes Zenith Bank, one of Nigeria\u2019s largest banks, to its Main Market. The company is listing Global Depository Receipts (GDRs) in London, giving the bank access…<\/p>\n","protected":false},"author":1,"featured_media":11162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-11163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n