Zenith Bank shares rise most in a month after London listing signal 

…Topples GTCO as most valuable bank

Shares of Zenith Bank Plc, Nigeria’s most valuable bank, gained 8 percent Tuesday after the lender outlined plans to list on the London Stock Exchange (LSE) by 2027 to broaden access to capital and strengthen client services.

The stock rose by 7.91% to close at an all-time high of N111 on Tuesday, the most in a single day since a gain of 9 percent on February 16. The bank also eclipsed GTCO as most capitalised bank on the day with a market cap of N4.58 trillion versus GTCO’s N4.32trn.

It is the second bank stock to go past N100 per share after GTCO, which closed at N123 on Tuesday, according to data from the NGX.

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The bank confirmed in a statement that the listing in London was part of a growth agenda to deepen its market presence and support cross-border economic activity.

Zenith Bank already maintains a presence on the London Stock Exchange through its Global Depository Receipts, listed since 2013 under the ticker ZENB.L, providing an existing platform for international investor participation. The move will make the lender the second Nigerian bank to list on the UK exchange after Guaranty Trust Holding Company did same last year, raising $105 million.

The listing announcement coincides with the official opening of Zenith Bank’s new branch in Manchester, marking a significant expansion of its UK operations beyond London.

The proposed move reflects the bank’s long-term ambition to position itself as a critical conduit for investment flows between Africa and global financial centres.

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The Manchester hub is expected to generate approximately 30 direct jobs. It will focus on delivering corporate banking, trade finance, and treasury services, particularly for businesses operating across the UK-Africa corridors.

Adaora Umeoji, group managing director and chief executive officer,  Zenith Bank Plc, described the Manchester expansion as a deliberate step in consolidating the bank’s global strategy.

She noted that the United Kingdom remains a pivotal financial hub, enabling Zenith to deepen client relationships, facilitate trade flows, and enhance connectivity between African and European markets.