SEC: Zenith Bank still operates in Ghana’s securities market
The Securities and Exchange Commission (SEC) has said Zenith Bank is still operating in the Ghanaian securities market and offering banking services despite an earlier notice that the bank has voluntarily ceased to operate as a Trustee in the securities industry and the capital market.
In a second statement to clarify an earlier one issued on Wednesday (18 January), SEC said: “The attention of the SEC has been drawn to various messages being disseminated among the general and investing public misinterpreting the Public Notice titled PUBLIC NOTICE ON VOLUNTARY CESSATION OF TRUSTEE SERVICES BY ZENITH BANK GHANA LIMITED (SEC/PN/001/01/2023), issued by the SEC on Wednesday, 18th January 2023.”
It added: “The SEC is hereby issuing this public notice to clarify that, as stated in the public notice referenced above, Zenith Bank Ghana Limited voluntarily requested to cease operations as a Trustee. Although Zenith Bank Ghana Limited voluntarily ceased its Trustee services for Unit Trust Schemes in 2022, the Bank continues to hold a Custodian licence issued by the SEC under the Securities Industry Act, 2016 (Act 929) and remains an active operator in the Ghanaian securities market and banking industry.”
SEC revokes Zenith Bank Ghana’s trustee license
Zenith Bank had its licence as a trustee revoked by the country’s Securities and Exchange Commission (SEC), following the bank’s voluntary request to cease operations.
In a public notice issued on Wednesday, the SEC said it had “approved the voluntary cessation of business” of the bank, adding that Zenith is “no longer mandated to carry out any Trustee activities within the securities industry”.
The SEC also sought to reassure investors, market operators and the public, saying it is “committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected”.
Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, one of Nigeria’s largest banks by assets and capital.
The bank has been present in Ghana since 2007, providing a range of banking and financial services to individuals, small and medium-sized enterprises, and corporate customers.
