Zenith Bank Plc plans to raise N290 billion through its current offer to boost its operations across Africa and international markets.
CEO Adaora Umeoji announced that 35% of this amount, about N101 billion, will fund the bank’s expansion into key regions like West Africa, Europe, and the Middle East.
to upgrade its IT infrastructure and enhance Umeoji highlighted that a new banking license in Paris will help the bank strengthen its presence in Francophone Africa, including Côte d’Ivoire and Cameroon.
The bank also plans to invest 20% of the funds, or N58.3 billion, in upgrading its IT infrastructure, enhancing technology to better serve customers.
The remaining 45% of the raised capital, approximately N131.1 billion, will support the real sector, focusing on Small and Medium-sized Enterprises (SMEs).
The bank is offering shares to both existing shareholders and the public to fund these initiatives, aiming to improve its global reach and financial services.