Nigeria's Zenith Bank lists on LSE

Nigeria’s Zenith Bank lists on LSE

Nigeria's Zenith Bank has listed $850 million worth of its ordinary shares on the London Stock Exchange (LSE).

The bank said it listed the shares as global depository receipts (GDRs) at $6.80 each.

In an email statement, the bank said one GDR represents 50 ordinary shares.

JP Morgan is the depository bank, while Citi is the custodian.

Zenith listed 125 million GDRs which will trade on the LSE's International Order Book, the world's largest and most liquid GDR market.

The company's market capitalisation at listing was $4.24 billion.

Ibukun Adebayo, Head of Primary Markets, Africa at London Stock Exchange, 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."

Zenith Bank is the third Nigerian Bank to list GDRs in London following Guaranty Trust Bank and Diamond Bank. The listing means that the two largest Nigerian banks by market capitalisation are now listed in London.

The London Stock Exchange is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on the bourse have raised over £4.2 billion in new and further issues.

Zenith Bank is headquartered in Nigeria, with subsidiaries in the UK, Ghana, Sierra Leone, The Gambia and representative offices in South Africa and China. It has a customer base of over two million accounts at 366 branches and total assets of $27 billion.

Zenith said in October the listing was aimed at improving liquidity in its stock rather than raising capital.

Image: © London Stock Exchange

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