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IFC partners Zenith Bank Plc, boosts its lending portfolio with $100 million


In Lagos:
Ejura Audu
Phone: +234 803 494 6244
E-mail: eaudu@ifc.org

In Senegal:
Zibusiso Sibanda
Phone: +221 777 400 238
E-mail: ZSibanda@ifc.org

Lagos, Nigeria. Tuesday, April 28, 2015 – IFC a member of the World Bank Group, today signed an agreement to provide a $100 million loan facility to Zenith Bank Plc, to increase its lending to a variety of important economic sectors, boosting economic growth and job creation in Nigeria.

The $100 million loan facility will be provided from IFC’s own account and Zenith Bank Plc will use the facility to reduce the lending gap in critical sectors. The facility will help reduce the infrastructure funding gap in the country in particular, the power sector. The lack of infrastructure has been identified as a key impediment to private sector development in Nigeria.

Peter Amangbo, Group Managing Director/CEO, Zenith Bank Plc, said, “As reputable leaders in the African banking industry with superior performance, Zenith Bank Plc will continue to explore business opportunities in strategic sectors that will bring the much needed development  to boost Nigeria’s economy. By partnering with IFC, we hope to increase our lending activities and further strengthen our leadership position.

Eme Essien Lore, IFC Country Manager for Nigeria, said, “IFC is demonstrating its commitment to support the real sector in the country through financial intermediaries. As part of that effort, IFC is working with Zenith Bank Plc, to help finance these critical sectors, and contribute to the development of the economy and especially to create a sustainable source of infrastructure finance in Nigeria.

Zenith Bank Plc, with headquarters in Lagos, has more than 350 branches in Nigeria. The Bank grew its shareholder’s fund of N20million in 1990 to N552.64billion as at year end 2013.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org.

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About Zenith Bank Plc
Zenith Bank Plc offers its clients a wide range of corporate, investment, business and personal banking products and solutions. It is one of the biggest and most profitable banks in Nigeria. The bank was established in May 1990 and started operations in July same year as a commercial bank. It became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange on October 21, 2004 following a highly successful Initial Public Offering (IPO). The Bank presently has a shareholder base of over one million, an indication of the strength of the Zenith brand. Zenith Bank listed $850.00 million worth of non-capital raising GDR on the London Stock Exchange on March 21, 2013.

The Bank is headquartered in Lagos, Nigeria. With over three hundred and fifty (350) branches and business offices nationwide Zenith Bank has presence in all the state capitals, the Federal Capital Territory (FCT) and major towns and metropolitan centers in Nigeria. The Bank's expansion is not limited to Nigeria as Zenith became the first Nigerian bank in 25 years to be licensed by the Financial Services Authority (FSA) in the UK for the commencement of banking operations by Zenith Bank (UK) Limited in April, 2007. This is in addition to its presence in Ghana, Zenith Bank (Ghana) Limited, Sierra Leone, Zenith Bank (Sierra Leone) Limited, Gambia, Zenith Bank (Gambia) Limited and a representative office in Johannesburg, South Africa and Beijing, China