Business
Nigeria’s largest bank – Zenith Bank lists $850 million worth of shares on London Stock Exchange
Emefiele said greater interest from global funds can be tapped into through the GDR listing as it would signal best in class disclosure, corporate governance and compliance.
Among other benefits, the listing is also expected to enable the bank, if the need arises, use international debt and equity markets for future capital raises, thereby lowering cost of capital.
It also gives willing investors additional comfort in the Zenith equity, as international corporate governance practices to which the bank will now have to submit, are considered “best in class”.
Head of Primary Markets, Africa, at LSE, Ibukun Adebayo, said: “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.”
By this feat, Zenith joins a vibrant community of 58 emerging market banks listed in London, valued collectively at just under US$75 billion. The listing also gives Zenith access to the deepest international pool of capital in the world, currently holding more than US$1.8 trillion in international equity assets.
The LSE is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on the bourse have raised over £4.2 billion (US$6.4 billion) in new and further issues.
