Zenith Bank Ghana Suspends Its Activities As A Trustee

Zenith Bank Ghana has voluntarily stopped serving as a Trustee in the securities sector and the capital market, according to a statement from the Securities and Exchange Commission (SEC).

The decision was made, according to the SEC, following a careful examination of the bank’s voluntary application to halt all of its capital market and securities operations.

The SEC noted in a statement that: “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”

“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.

Although Zenith Bank Ghana Limited voluntarily stopped serving as a trustee for unit trust schemes in 2022, the bank continued to hold a custodian license issued by the SEC under the Securities Industry Act, 2016 (Act 929) and continued to be a participant in the Ghanaian securities market and banking sector.

In light of this, all investors, market participants, and the general investing public were reassured by the declaration that the SEC is dedicated to ensuring strict enforcement of all regulations for capital market operators.

It was further said that this was done to support the expansion and development of an effective, fair, and transparent securities market that protects investors and the market’s integrity.

Conclusion

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