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.
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.
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