Ghana: Zenith Bank Stops Operations In Securities And Capital Market

The Securities and Exchange Commission (SEC) has told 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.

SEC said it 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.

“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,” a statement issued by SEC on Wednesday, January 18 said.

It is unclear why the bank has stopped operating in the securities and capital market but it comes at a time the Government has introduced the debt exchange programme, a programme that has met major rejection from individual bondholders.

Below is the full statement of SEC

The Securities and Exchange Commission (hereinafter referred to as “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) as amended by the Securities Industry (Amendment) Act 2021, Act 1062 to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
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.

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).

ISSUED BY ORDER OF
THE SECURITIES & EXCHANGE COMMISSION (SEC)
DATED: 18/01/2023

(NOTICE NO. SEC/PN/001/01/2023)