Zenith Bank Plc, Nigeria’s second-largest bank by market value, is targeting a listing on the London Stock Exchange in 2027 as part of a strategy to expand access to capital and enhance client services.
“There are numerous financing opportunities across the UK and other markets that require additional capital,” the bank said Tuesday, without providing further specifics about the listing.
If completed, Zenith would become the second Nigerian bank to trade on the UK exchange, following Guaranty Trust Holding Company Plc, which raised $105 million in its own London listing last year. Zenith also revealed plans to open a new branch in Manchester, complementing its existing London presence, Bloomberg reported.
Nigeria’s top banks have been increasing capital buffers to comply with a 2024 directive from the central bank aimed at strengthening balance sheets. With these requirements met, they are now seeking growth opportunities both domestically and internationally.
Last year, Zenith Bank raised its capital above the central bank’s minimum threshold of 500 billion naira ($371 million) and signalled its intention to expand operations into francophone West Africa.
As part of its ongoing growth strategy, the bank earlier this year obtained regulatory approval to acquire Paramount Bank Limited, marking its first foray into Kenya’s financial market.
Beyond Nigeria, Zenith Bank operates in Ghana, Sierra Leone, Gambia, the United Kingdom, France, the United Arab Emirates, and China.
