The Securities and Exchange Commission has made public Zenith Bank’s decision to voluntarily leave the capital markets.
The Bank is no longer required, according to the SEC, to carry out trustee functions for the securities sector.
Zenith Bank Ghana Limited, a licenced Trustee that engaged in Trustee services in the securities industry and capital market, has voluntarily requested to suspend operations, the Securities and Exchange Commission (SEC) announced in a statement on January 18.
“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,” it added.
The SEC continued, “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).
SEC, however, did not state the Bank’s reasons for the exit from the securities and capital market.
Meanwhile, a minority spokesperson, Cassiel Ato Forson, had warned that some banks risk an imminent collapse due to the current state of the economy.