Zenith Bank voluntarily exits securities industry and capital market as licensed trustees

The Securities and Exchange Commission has announced the voluntary exit of Zenith Bank from the capital market. According to SEC, the Bank is no longer mandated to perform trustee activities within the securities industry.

According to a statement issued on January 18, “The SEC issues this notice to the general and investing public that Zenith Bank Ghana Limited, a licensed Trustee that engaged in Trustee activities in the securities industry and capital market, has voluntarily requested to cease operations.

“The SEC has, after a thorough assessment of the circumstances, approved the voluntary cessation of business of Zenith Bank Ghana Limited as a licensed Trustee. Zenith Bank Ghana Limited. is no longer mandated to carry out any Trustee activities within the securities industry,” it added.

The SEC continued, “all investors, market operators, and the general and investing public are hereby assured that the SEC is committed to ensuring rigorous enforcement of all the rules for operators in the capital market in order to promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.”

This Notice is issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).

SEC, however, did not state the Bank’s reasons for the exit from the securities and capital market.

According to insider sources, the bank's exit has got nothing to do with the Debt Exchange Programme.

The SEC, after a thorough assessment, has approved the voluntary cessation of business of Zenith Bank Ghana Limited as a licensed Trustee. Zenith Bank Ghana Limited is no longer mandated to carry out any Trustee activities within the securities industry. https://t.co/1AxhcYNER8 pic.twitter.com/m43MKrSMUT

— SEC-Ghana (@SECGhana) January 18, 2023