Zenith Bank Plc, in partnership with JPMorgan Chase, a United States-based leading global financial services firm, has been appointed as the first global custodians of Nigeria's foreign reserve which is projected to grow to about $50 billion by end of the year. Governor of the Central Bank of Nigeria (CBN), Prof. Charles Soludo told international Fund Managers and Investment Bankers attending the 2006 Spring Meetings of the International Monetary Fund and World Bank Group weekend that, this new development was in keeping with the promise of developing Nigerian banks into world class players. Soludo who said one of the ways the apex bank plans to leapfrog the economy is to use local asset managers for the management of the country's reserves disclosed that Asset Management firms would be appointed next month. According to Soludo, the apex bank is not looking for a loose partnership between Nigerian banks and international ones but a strategic partnerships that will help the country achieve its set objective which mainly to integrate Nigerian financial institutions into the world financial system. |
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