The Securities and Exchange Commission (SEC) has said that even though Zenith Bank Ghana Limited has ceased its Trustee services for Unit Trust Schemes in 2022, the Bank still holds a Custodian license issued by the SEC under the Securities Industry Act, 2016 (Act 929).
It also works as an active operator in the Ghanaian Securities market and banking industry.
The Securities and Exchange Commission also mentioned that a statement that was made earlier that it has approved the voluntary cessation of business of Zenith Bank Ghana Limited as a licensed Trustee was misread.
“The attention of the SEC has been drawn to various messages being disseminated among the general and investing public misinterpreting 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 stated.
