Shares of Zenith Bank Plc hit an all-time high on Tuesday, surging by 7.91% to close at N111 after the bank revealed plans to pursue a full listing on the London Stock Exchange (LSE) by 2027.
The rally, its strongest single-day gain in about a month, pushed the bank’s market capitalisation to N4.58 trillion, overtaking GTCO, which stood at N4.32 trillion at the close of trading.
This development returns Zenith Bank to the top spot among Nigeria’s most valuable banking stocks.
Zenith Bank’s proposed London listing is seen as a strategic move to tap stronger pools of international capital.
Although the bank has traded in London via global depository receipts since 2013, a full listing would boost its global profile and investor access.
Financial institutions in Nigeria are currently seeking foreign capital to fund expansion. GTCO, for instance, raised $105 million through its own London listing last year.
Alongside the listing plan, Zenith Bank also announced the opening of a new branch in Manchester, expanding beyond its longstanding London presence.
The Manchester office is expected to create about 30 jobs in the North West region and will focus on corporate banking services, including trade finance and treasury operations for businesses operating between Africa and the UK.
The launch coincided with President Bola Ahmed Tinubu’s visit to the United Kingdom, where discussions have centred on strengthening trade and investment ties between both countries.
Zenith Bank’s share price close at N111 makes it only the second Nigerian bank to trade above N100, following GTCO, which ended the session at N123.
Crossing this threshold is widely viewed by investors as a sign of market re-rating, showing improved confidence in the banking sector’s earnings strength and long-term growth outlook.
Group Managing Director and CEO, Dame Dr. Adaora Umeoji, said the bank’s UK expansion aligns with its international growth strategy.
She described the UK as a key financial hub for connecting African businesses with European markets.
Zenith Bank’s latest rally stresses high competition at the top of Nigeria’s banking sector, with valuations between it and GTCO being closely matched.
The planned London listing points to a longer-term transition toward global capital markets, while the Manchester expansion accentuates the bank’s intention to be a bigger part in facilitating trade flows between Nigeria and the UK, currently estimated at £8.1 billion annually.
