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Corporate Information
Zenith Bank Plc. over the years has, through strategic
deployment of its people and ICT redefined customer service standards and
created diverse service delivery channels. The bank was
incorporated as Zenith International Bank Limited on 30th May
1990, a private limited liability company and was licensed to
carry on the business of banking In June 1990. The name of the
bank was changed to Zenith Bank Plc on 20th May 2004, to reflect
its status as a public limited liability company. The bank's shares
were listed on the Nigerian Stock Exchange on 21st October 2004
following a highly successful Initial Public Offering (IPO).
Nigerian individuals and institutions numbering over 1,000,000'
shareholders currently own the bank.
Over the years the Zenith brand has become synonymous with
the use of lCT in
banking and general innovation in the Nigerian banking
industry. The group's main service delivery channels remains its
local and foreign subsidiaries and its business offices (branches
and cash offices), which currently stand at over 338 while
offering electronic banking services, such as Internet banking,
bills payment, and mobile money services amongst
others. These business offices are located in prime business
and commercial cities in each state of the Federation and they
are easily accessible to all the Central Bank of Nigeria's clearing
zones all over Nigeria.
Within the first decade of commencing operations, the bank
made its mark in profitability and all other performance indices
in Nigeria and has maintained this prime position to date.
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Zenith Bank's service offerings cover most aspects of banking and cater to the banking needs of our customers that cut across the entire Public and Private market spectrums with emphasis on the following major market segments and lines of business:
» Corporate and Investment Banking
» Commercial and Consumer Banking
» Personal and Private Banking
» Trade Services and Foreign Exchange
» Treasury and Cash Management Services
» Other Non Bank Financial Services mainly through
subsidiaries
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Zenith bank has remained a major player in the following business segments controlling substantial market share in each category:
» Manufacturing
» Construction
» General Trade and Commerce
» Logistics and Services
The bank's customer base comprises largely corporate entities many of which are subsidiaries of multinational corporations operating within and outside Nigeria. Large Nigerian companies and conglomerates also form a core of the bank's corporate customer base. On the retail aspect of its business the bank's main service focus is on the use of deposit products for liability generation and transaction services, rather than lending. The bank's lending strategy is directed at lending mainly to large, blue chip companies and large indigenous conglomerates to minimise counter party risks and defaults. As a result of this approach, the bank's credit portfolio has about
the best asset quality in the Nigerian banking industry. The bank's non-performing loans to total loans ratio has always been less than industry average since inception and through the thick of the financial crises that plagued the banking industry/sector worldwide in 2008. The bank's customer account base which is well in excess of 1.6 million accounts cuts across the following sectors:
» OilandGas
» Power and Infrastructure
» ICT and Telecommunications
» Real Estate, Building and Construction
» Transport, Shipping and Aviation
» Commodities and General Commerce
» Entertainment
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The Group's businesses and affairs are conducted through the local branch networks and subsidiaries which are categorized into local (mainly Non-Banking Financial Institutions) and Foreign (mainly banks in other countries)
To date, the bank has a total of Three Hundred (338) branches with about 200 off-site locations in its network, strategically located in various commercial centres of the country. All the branches are linked by our technologically advanced system,
thereby aiding banking transactions across the country. The key driving factors in Branch location decision are:
1. Extend dynamism In the provision of banking services to that part of the country and bring our banking products and services to potential customers in and around the environs
2. Generate Deposit liabilities from potential non-borrowing high volume traders and businesses to fund needing areas of the country
3. Enhance liaison and Improve financial transaction between the various businesses and their co n ta cts in other parts of Nigeria and beyond.
4. Take Banking closer to both existing and potential customers
5. Volume of commercial activities.
In line with its long-term plan of building Zenith Bank into an international financial institution, the bank has taken concrete steps towards establishing presence in major West African States and is currently expanding into the other African Region as well as the European and Asian continents, while consolidating its position as a leading financial services provider in Nigeria. Accordingly, the following four foreign subsidiaries and one representative office have been established.
» Zenith Bank Ghana Limited
» ZenithBank(UK)Limited
» Zenith Bank (Sierra Leone) Limited
» Zenith Bank (Gambia) Limited
» Zenith Bank (South Africa Rep Office)
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From inception Zenith Bank clearly set out to distinguish itself in the banking industry through its service quality, drive for a unique customer experience and the calibre of its customer base. Today, it is easily associated with the following
attributes in the Nigerian banking industry:
» Innovation
» Good financial performance
» Stable and dedicated management team
» Highly skilled personnel
» Leadership in the use of Information and Communication Technology
» Strategic distribution channels
» Good asset quality
The overall vision of the bank has been "to build the Zenith brand into a reputable international financial institution recognized for innovation, superior performance while creating premium value for all stakeholders"
The strategic objective of Zenith Bank includes the continuous improvement of its capacity to meet the customers' increasing and dynamic banking needs as well as sustain high quality growth in a volatile business environment through:
» Continuous investment in branch network expansion and thus bringing quality banking services to our teaming existing and potential customer base
» Continuous investment and deployment of Lip to date state ofthe art technology and ICT platform
» Continue to seek and employ the best hands available
» Continuous investment in training and re-training of our personnel
» Maintain and reinforce our core customer service delivery charter
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The business of Zenith Bank Plc will continue to be those of a wholesale banking institution and would focus on the following:
» Corporate and Investment Banking
» Commercial and Consumer Banking
» Personal and Private banking
» Trade services and foreign exchange
» Treasury and Cash Management services
The bank will continue to offer specialised financial services such as pension management but would discontinue such services in insurance, capital market transactions, Trusteeship, Registrar, Mortgage and financial advisory services in line with its decision to adopt the commercial banking license with international
authorisation.
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We will continue to play in the top-tier of all sectors of the economy as we have done since inception. Our focus before now has mainly been at the top-tier of the market comprising large Multinational Corporations (MNCs), large Nigerian Conglomerates and virtually every company classified in the top layer of its market, however, we will target companies in the middle-tier market with good growth prospects going forward. The following sectors/industries will be targeted to develop these groups of customers:
» Telecommunication and Information Communication Technology
» Consumer products, healthcare and pharmaceuticals
» Fast Moving Consumer Goods (FMCGs)
» Infrastructure development Civil Construction, Housing and Real Estate Development, etc
» Power and Energy
» Oil and Gas
» Transport and Aviation
» Agriculture
» Logistics
» Entertainment
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Efforts will be focused and sustained on developing the appropriate product lines to build and optimize relationships in the following areas of business within the bank or through subsidiaries:
» Fixed Income Securities
» Oil and Gas
» Mortgage and Real Estate Financing
» Commercial Banking
» Export and Import Financing
» Consumer Credit
» Infrastructure Development
» Telecommunication and Information Communication Technology
» Agriculture and Agro Allied Products and Services
» Asset Management and Custody. This will involve partnering where beneficial with reputable global players in the chosen areas.
We believe that strategic development and deployment of e-Business products and platforms IS a key competitive factor in the banking industry. Therefore, our target is to dominate the market by continuously introducing new e-banking products for specific industry/customers. We will continue to focus on the following markets and products:
» Corporate Customers
» Retail Customers and the Un-banked population
» Small & Medium Enterprises (SMEs)
» New Business and Client Capture Group Financial Rep
» Educational Sector
» Card Services
» Deployment of ATMs and Point of Sale (POS) terminals.
The market penetration approach will be to focus on critical issues and concerns guiding decisions of each sector or market segment. In this regard we will continue to evolve products, processes and strategies to address the following:
a) Large Corporate MNC Customers
- Prompt and Excellent Service delivery
- Financial Support
- Operational and Sales Collections Support through
adequate deployment of necessary ICT platform
- Value chain support through adequate support for KDs
- Excellent International Trade Services
- Appropriate pricing of products and services
b) Retail Markets
- Convenience through proper branch network and deployment of ATMs and Cards
- Safety
- Appropriate Pricing of products and services
c) SMEs
- Financial Support
- Financial Advisory Services
- Pricing
The group will continue to partner with customers (existing and prospective) in major focus areas of Telecommunications, Oil and Gas, Power and Energy, Aviation, Schools, FMCGs, Churches, Insurance and Healthcare. We will continue to court the Key Distributors (KDs) of major conglomerates and producers of consumer goods and services.
One of the main thrusts of our strategy in the last five years was to expand our business beyond the shores of Nigeria. This was largely accomplished commencing with expanding into the West Africa sub-region (Ghana, Sierra Leone and The Gambia), while consolidating our position as a leading financial services provider in Nigeria with branch network expansion from about 100 in 2004 to 338 as at date. Within the next five years the bank will continue to pursue organic growth in the short to
medium-term. In the longer term period we intend to improve (through creation and enhancement of new markets and products and services), and consolidate (through superior customer services), the local and international acceptance of our brand. Our growth and marketing plans will seek to optimize our strengths to maximise available opportunities, minimize identified threats while taking steps to mitigate the effects of observed weaknesses. The outline of our plans will be as follows:
| No |
Key Strategies |
Implementation |
| 1. |
To deliver superior service experiences to all our customers at all times. |
» We will employ the best information and communication technology platform and banking innovation available to create convenient banking channels and products for our customers.
» Continually enhance our processing, procedures and systems platforms to
deliver new capabilities and improve operational efficiencies and achieve
economies of scale.
» We will strive to have more product offerings in the traditional banking
areas than any bank in our key markets.
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Develop deeper and broader relationships with all clients and strive to understand their individual & industry peculiarities with a view to developing specific solutions for each segment of our customer base. |
» We will focus on enveloping all our markets by creating products and services that are industry-specific to serve the needs of our key customers .
» Ensure we are bankers to all key officers of our key corporate customers .
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| 3. |
Significantly expand our operations by adding new distribution channels and entering into new markets. |
»Significantly expand our branches and business offices in Nigeria to rank among the biggest players in the market. The branch network should adequately cover every state in Nigeria and key commercial cities and towns.
» Targeting new markets will commence with entry into key countries in West Africa (see further explanation in 4 below)
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| 4. |
Maintain our position as a leading service provider in Nigeria while expanding our operations internationally in West Africa and the financial capitals of the world |
» Trade flows within the sub-region are currently routed through Europe; none of the big banking/financial institutions operating in the sub-region is focusing on financing the import and export trade in the sub- region and/or channelling these transactions through Its operations. We will target this market as well as position ourselves to take advantage of other emerging opportunities in the sub-region. |
Given our commitment to service excellence, robust Information Technology platform, and the resourcefulness of our work force as well as our huge balance sheet size and
sound financial ratios, we are confident that Zenith bank Plc is in a good position to sustain and consolidate its growth trajectory and market share as well as take advantage of the emerging opportunities in the economy.
We are confident that our overall strategic objectives and envisaged financial growth would be achieved and that Zenith Bank would remain in the forefront amongst banks in the country and the African continent in terms of profitability, size, assets quality and all other performance parameters. We are also confident that the Zenith brand will remain strong in the local and international market. The bank will continue to meet the personal needs of the staff members in terms of remuneration and training to motivate them to greater performance and results.
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Consolidating Superior Performance and Sustaining Competitive Advantage through our People, Technology and Exceptional Customer Services.
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