Nigeria's Zenith Bank In $850 Mln London Listing

Nigeria's Zenith Bank In $850 Mln London Listing

Nigeria's Zenith Bank listed $850 million worth of its ordinary shares on the London Stock Exchange as global depository receipts at $6.80, the bank said on Thursday.

One GDR represents 50 ordinary shares, the bank said, adding that JP Morgan is the depository bank, while Citi is the custodian.

"The GDR will allow us to raise money cheaply in the future," Zenith chief executive, Godwin Emefiele, told CNBC Africa television, at the listing.

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