The 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said that the voluntary cessation of Zenith Bank’s operations in the securities industry does not mean its licence has been revoked.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)’, a statement issued by the SEC on Wednesday, 18 January 2023 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.
The notice was issued pursuant to Sections 3(b) (f) (m) and 208 (c) of the Securities Industry Act, 2016 (Act 929).