Zenith Bank Plc has emerged the third Nigerian bank to be listed on the trading floor of the London Stock Exchange (LSE).
Two other Nigerian banks, Guaranty Trust Bank Plc and Diamond Bank Plc, had been previously listed on the LSE. Zenith Bank recently listed its Global Depository Receipts on the LSE’s Main Market.
A statement by the bank said that the move would give the company access to a wide range of major institutional investors and improve its international profile significantly. According to the statement, the company’s market capitalisation at listing stood at $4.24 billion. It further explained that Zenith Bank was admitting 125 million GDRs which will trade on LSE’s International Order Book, the world’s largest and most liquid GDR market. Each Zenith Bank GDR represents 50 ordinary shares.
The Head, Primary Markets Africa at the LSE, Ibikun Adebayo, said that the listing was a bolster for the bank as well as the Nigerian economy. Mr. Adebayo said, “Zenith Bank’s listing highlights London’s leading role in supporting Nigeria’s burgeoning financial sector.”