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| Zenith CEO Godwin Emefiele |
Zenith is the biggest of the generation of Nigerian banks set up after 1990. By assets and market capitalization, it has risen to the second-biggest listed bank in the country – if largely thanks to the demise of Oceanic Bank and the recent sluggishness of UBA. Others attribute Zenith’s position partly to building branches in business districts, then deploying funds in liquid assets and loans to the safer local corporations. Indeed, in the next five years, CEO Godwin Emefiele says growing retail deposit share will remain a focus.
Even today, Zenith has a high proportion of deposits from retail: about 60%, compared with around 50% at GT Bank, perhaps Zenith’s closest rival in terms of age and size.
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