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...For a better society... Friday, June 18 2004 Vol 17 No.119 News Editorial Politics Opinion Fashion Metro Sports Features Business Money/Market Maritime Aviation Motoring Rail/Road Zenith Bank’ll boost capital market - Ovia CHINEDU DIKE MANAGING Director and Chief Executive Officer (MD/CEO) of Zenith Bank Plc, Mr Jim Ovia, said the public quotation and trading on the shares of the bank will add value to the capital market. He stated that at the bank’s Completion Board Meeting held in Lagos yesterday to ratify the bank’s Initial Public Offer (IPO) to raise about N13 billion ordinary shares of 50k each at N10.90 per share. The Zenith boss said he was pleased with the current evolution in the Nigerian capital market, and described its entry to the capital market as an exciting moment for both the old and the potential new shareholders of the finance institution. "We will add value to the capital market. We have a strong brand and good reputation which we will continue to uphold", he said, adding that with the new status, the bank stands to enlarge its market share, boost wealth creation, as well as guarantee bumper returns to shareholders through dividends and bonus offers. Zenith Bank is currently the third most profitable bank in Nigeria and the fourth largest bank in terms of total assets and contingents. It has consistently maintained a Tripple A (Aaa) rating by Agusto & Co. a major rating agency since1999. The Bank had total assets of N112.53 billion and Shareholders’ Funds of N12.88 billion as at 30 June 2003, representing a 22 per cent and 35 per cent increase respectively over the previous year.   � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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