Zenith Bank Plc has announced the launch of a N290 billion hybrid rights issue and public offer. This strategic initiative aims to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion, while providing additional capital to support the bank’s growth and investment in technology infrastructure.
The offer includes a Rights Issue of 5.233 billion ordinary shares at N36 per share for existing shareholders, alongside a Public Offer of 2.767 billion shares at N36.50 each. This represents a potential gain of about 32% for investors, with shares previously trading as high as N47.35.
Zenith Bank’s strong financial performance, including a 57% increase in share price over the past five years, makes it a compelling investment opportunity. In 2023, Zenith Bank was the most profitable listed bank on the Nigerian Exchange Group, with a pre-tax profit of N795.962 billion. The bank’s impressive performance continued into the first quarter of 2024, with a 189% rise in gross earnings to N781 billion compared to the previous year.
Globaltimes reports that the bank has received multiple awards, such as the Best Commercial Bank in Nigeria for the fourth consecutive year by the World Finance Banking Awards, reflecting its robust corporate governance and customer service excellence.
Zenith Bank, founded by Jim Ovia, CFR, in 1990, is a leading financial institution in Africa and remains committed to delivering top-tier banking services.
