. GDR, The Largest By Any Nigerian Bank
. GDRs To Trade On International Order Book, World’s Leading GDR Market
The London Stock Exchange on Thursday announced the listing of Zenith Bank to its Main Market. The announcement was contained in a statement signed by Tom Gilbert of the Press Office of the Stock Exchange, it reads:
London Stock Exchange today welcomes Zenith Bank, one of Nigeria’s largest banks, to its Main Market. The company is listing Global Depository Receipts (GDRs) in London, giving the bank access to a wide range of major institutional investors and significantly raising its international profile. The company’s market capitalisation at listing was $4.24 billion.
Zenith Bank is admitting 125 million GDRs which will trade on London Stock Exchange’s International Order Book, the world’s largest and most liquid GDR market. Each Zenith Bank GDR represents 50 ordinary shares.
Zenith’s listing means that the largest Nigerian bank by tier-1 capital is now listed in London. The bank joins a vibrant community of 58 emerging market banks listed in London, valued collectively at just under $75 billion. The listing also gives Zenith access to the deepest international pool of capital in the world, currently holding more than $1.8 trillion in international equity assets. It joins five other companies on London Stock Exchange’s markets that have major operations in Nigeria.
London Stock Exchange is the largest international stock exchange for African companies. Since 2008, Africa-focused companies listed on London Stock Exchange have raised over £4.2 billion in new and further issues.
97 Sub-Sahara African focussed companies are listed on or admitted to London Stock Exchange Markets, comprising:
- 23 equity listings on Main Market
- 2 GDR listings on Main Market
- 70 equity admissions on AIM
- 2 GDR listings on PSM
Ibukun Adebayo, Head of Primary Markets, Africa at London Stock Exchange, said: “Zenith Bank’s listing highlights London’s leading role in supporting Nigeria’s burgeoning financial sector. Three major Nigerian banks have listed in London demonstrating UK and international investors’ appetite for exposure to this fast growing and increasingly diverse economy.”
Zenith Bank is headquartered in Nigeria, with subsidiaries in the UK, Ghana, Sierra Leone, The Gambia and representative offices in South Africa and China. With a customer base of over two million accounts spread across 366 branches and total assets of $27bn, it is one of the leading Nigerian banks on virtually all parameters.
The London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community. The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe’s leading fixed income market; and Turquoise, offering UK and Russian derivatives trading, pan-European and US lit and dark equity trading. Through its markets, the Group offers international business unrivalled access to Europe’s capital markets.