Zenith Bank Ghana remains active operator in securities, banking industry – SEC

Zenith Bank Ghana
Zenith Bank Ghana

Securities and Exchange Commission (SEC) has said that the voluntary cessation of Zenith Bank’s operations in the securities industry does not mean its licence has been revoked.

“The attention of the SEC has been drawn to various messages being disseminated among the general and investing public misinterpreting the Public Notice titled ‘PUBLIC NOTICE ON VOLUNTARY CESSATION OF TRUSTEE SERVICES BY ZENITH BANK GHANA LIMITED (SEC/PN/001/01/2023)’, issued by the SEC on Wednesday, 18 January 2023”, a statement noted.

“The SEC is hereby issuing this public notice to clarify that, as stated in the public notice referenced above, Zenith Bank Ghana Limited voluntarily requested to cease operations as a trustee. Although Zenith Bank Ghana Limited voluntarily ceased its trustee services for unit trust schemes in 2022, the bank continues to hold a custodian licence issued by the SEC under the Securities Industry Act, 2016 (Act 929) and remains an active operator in the Ghanaian securities market and banking industry”, the statement explained.

Earlier, SEC announced 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.

SEC said it, 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”.

SEC said: “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”.

The notice was issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).

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