Nigeria’s Zenith Bank Group enters the Dubai International Financial Centre.
Nigeria’s Zenith Bank Group enters the Dubai International Financial Centre. Zenith Bank was founded in 1990 and is one of Nigeria’s biggest and most profitable commercial banks. It was listed on the Stock Exchange in Nigeria in 2004 and has a base of approximately 1million shareholders. It has assets of circa US$19.3 billion and employs around 6,350 people in over 500 branches.
Whilst its headquarters are in Lagos, prior to establishing itself in Dubai in 2016, Zenith already had an extensive portfolio with offices in Ghana, The Gambia, Sierra Leone and the United Kingdom, as well as representative offices in China and South Africa. This ensured that they had already had access to good cross border trading and extensive lending products, as well as experienced wealth management consultants across a number of different continents. They have plans to expand their franchise into other international markets, including parts of Africa, Europe and Asia in the near future.
The founder and chairman of the Zenith Group Jim Ovia, along with the CEO of the Zenith Bank (UK) John Weguelin attended the launch of their new branch in the UAE. In addition, the opening was attended by Arif Amiri the CEO of the Dubai International Financial Centre (DIFC), the DIFC is the site of the new branch.
During the opening ceremony, Jim Ovia said “Dubai is an important strategic market for Zenith Bank and our international customers based at DIFC. The increasing trade flows from Asia into Africa through Dubai makes the emirate an ideal destination for our regional office. This advantage, combined with DIFC’s advanced regulatory environment, influenced our decision to set up a presence in Dubai. The move enables us to continue implementing our strategy of delivering the bank’s cutting-edge services to our customers globally and supporting their dynamic needs anytime and anywhere.”
Becoming part of Dubai’s financial community
Both John Weguelin and Arif Amiri talked about their excitement of Zenith Bank becoming part of the financial community in Dubai, believing it would both improve and grow their access and investment opportunities in other parts of the Middle East as well as Southern Asia and Africa.