Zenith Bank Plc has announced plans to expand its operations into Côte d’Ivoire and eight other Francophone African countries following the completion of a N614.65 billion hybrid capital raise.
Group managing director and chief executive officer, Adaora Umeoji, disclosed this during the closing gong ceremony at the Nigerian Exchange (NGX).
She said the capital raise has positioned the bank to grow its presence across Africa.
“Since the capital raise exercise, we’ve been able to use part of the money to expand our footprints. We started by opening our Paris branch, and we are going to move from there to Côte d’Ivoire, which we are already processing the license,” Mrs Umeoji said.
According to her, obtaining a banking license in Côte d’Ivoire would allow Zenith Bank to operate in eight additional Francophone African markets, in line with its plan to follow customers into new markets.
“This expansion strategy is a result of us following our customers’ business and ensuring that we go to countries and economies where we can scale and be able to provide more returns for our shareholders,” she added.
Zenith Bank’s hybrid capital raise, which was oversubscribed, increased its capital base by 160% to N614.65 billion.
Umeoji said the exercise has strengthened the bank’s balance sheet and expanded its shareholder base to more than 700,000 since its listing on the NGX.
