Zenith Bank Ghana ceases operations as a Trustee in securities industry and capital market

The Securities and Exchange Commission (SEC) has announced that Zenith Bank Ghana has voluntarily ceased to operate as a Trustee in the securities industry and the capital market.

According to SEC, the decision was reached after a thorough assessment of the bank’s voluntary application to cease all of its operations in the securities industry and capital market.

“The SEC issues this notice to the general and investing public that Zenith Bank Ghana Limited, a licensed Trustee that engaged in Trustee activities in the securities industry and capital market, has voluntarily requested to cease operations”, a statement issued by the SEC said.

“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”.

The statement added “although Zenith Bank Ghana Limited voluntarily ceased its Trustee services for Unit Trust Schemes in 2022, the Bank continues to hold a Custodian license 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 assured all investors, market operators and the general and investing public that SEC is committed to ensuring rigorous enforcement of all the rules for operators in the capital market.

It added that this is 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.

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