Zenith Bank was established in May 1990 and has grown since those early days to become one of the most profitable banks in the country.
The bank was listed on the Nigeria Stock Exchange in 2004 following a highly successful Initial Public Offering (IPO). Currently, Zenith bank has a shareholder base of over 1 million. In fact, the bank has the highest shareholders’ funds and which makes it a Tier-1 bank. As of 2016, Zenith bank had a shareholders’ fund of N704 billion
Currently, Zenith bank has over 500 branches in the country as well as subsidiaries in Ghana, Sierra Leone and Gambia. In countries like South Africa and China, the bank also has representative offices. Zenith bank is ranked as the 6th biggest bank in the whole of Africa.
The bank was founded by Jim Ovia in 1990. He served as the CEO of the bank until 2010. Currently, he holds the position of chairman of the board.
Zenith Bank became the first bank in Nigeria in the last 25 years to be licensed by the UK Financial Services Authority which has given rise to Zenith Bank U.K Limited. The bank also has branches in Ghana, Sierra Leone, Gambia, China and South Africa.
The vision of Zenith Bank is to build the Zenith brand into a reputable international financial institution know for its innovation, superior performance while creating premium value for its stakeholders.
In terms of strategy, Zenith Bank works towards continuous improvement of its capacity to meet increasing and dynamic banking needs of the customers while sustaining high quality growth in a volatile busines environment.
The logo of Zenith Bank has a letter Z imposed on the word – Zenith and the logo includes the three bank colours which are red, white and grey. These colours are associated with the bank’s corporate values.
Zenith Bank is well known for its innovation, superior customer service and performance while creating premium value for all stakeholders.
The bank is associated with innovation, solid financial performance, stable and dedicated management, highly-skilled personnel, leadership in the use of ICT, strategic distribution channels and good asset quality.
Some of the strategies the bank has used to boost its growth include:
- Developing deeper and broader relationship with all clients and striving to understand their individual and industry peculiarities with a view to formulating specific solutions for each segment of the customer base
- Always delivering superior service experience to all customers
- Optimally expanding the bank’s operations by adding new distribution channels and entering into new markets where opportunities exist
- Maintaining the bank’s position as a leading service provider in Nigeria, while expanding its operations internationally in West Africa and the financial capitals of the world
- Striving to be a leading service provider in Nigeria by continuing to build on longstanding relationships, capabilities and the strength of the Zenith brand and reputation
- Continually enhancing the bank’s processes and systems to deliver new capabilities and improve operational efficiencies and achieve economies of scale.
In 2009, Zenith Bank was one of the fourteen banks that passed the special audit by the Central Bank of Nigeria (CBN) to ascertain the stability of the banking sector in the country.