By Ayomider Otitoju
Shares of Zenith Bank Plc surged on Tuesday, rising 7.91 percent to close at an all-time high of N111, marking the bank’s strongest single-day gain in a month as investors reacted positively to its planned listing on the London Stock Exchange by 2027.
The rally represents the stock’s biggest jump since a 9 percent increase recorded on February 16, underscoring renewed investor confidence in the lender’s growth strategy and international expansion ambitions.
Zenith Bank said the proposed London listing forms part of its broader plan to deepen access to global capital, enhance client services, and strengthen its position in cross-border financial flows. The bank noted that listing on a major international exchange would enable it to attract a wider pool of investors while reinforcing its role as a key conduit for investment between Africa and global financial centres.
The market reaction also propelled Zenith Bank ahead of Guaranty Trust Holding Company (GTCO) as Nigeria’s most capitalised lender, with a market value of N4.58 trillion compared to GTCO’s N4.32 trillion, reflecting growing investor optimism about its strategic direction.
Zenith Bank already maintains an international presence through its Global Depositary Receipts listed in London since 2013 under the ticker ZENB.L, providing a foundation for broader global participation. The planned full listing would make it the second Nigerian bank on the UK exchange, following GTCO’s listing last year, which raised $105 million.
In a parallel move, the bank recently expanded its UK operations with the inauguration of a new branch in Manchester, extending its footprint beyond London. The facility is expected to generate about 30 direct jobs and will focus on corporate banking, trade finance, and treasury services, particularly for businesses engaged in UK-Africa trade.
Group Managing Director and Chief Executive Officer, Adaora Umeoji, described the Manchester expansion as a strategic milestone in advancing the bank’s global ambitions. She noted that the United Kingdom remains a critical financial hub, offering opportunities to deepen client relationships, facilitate trade flows, and strengthen connectivity between African and European markets.
Analysts say Zenith Bank’s dual strategy of international expansion and a prospective London listing signals strong confidence in the Nigerian banking sector and its increasing integration into global financial markets.
