Zenith Bank Ghana Limited voluntarily stopped serving as a trustee for unit trust schemes in 2022, but the Securities and Exchange Commission (SE) has stated that the bank still holds a custodian licence issued by the SEC under the Securities Industry Act, 2016 (Act 929) and is still a significant player in the Ghanaian securities market and banking sector.
In a statement, the SEC claimed that its earlier notification that it had accepted Zenith Bank Ghana Limited’s voluntary termination of operations as a licenced Trustee had been misunderstood.
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The SEC has become aware of certain statements that the general public and investing public are using to incorrectly interpret the Public Notice titled PUBLIC NOTICE ON VOLUNTARY CESSATION OF TRUSTEE SERVICES BY ZENITH BANK GHANA LIMITED.
(SEC/PN/001/01/2023), issued by the SEC on Wednesday, 18th January 2023.
“The SEC is hereby issuing this Public Notice to clarify that, as stated in the Public Notice referenced above, Zenith Bank Ghana Limited voluntarily requested to cease operations as a Trustee. 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,” SEC said.
