Zenith Bank has implemented a major restructuring and elevated salaries and promotions.
NewsOnline Nigeria reports that Zenith Bank has initiated a comprehensive restructuring effort that includes a significant salary increase, particularly aimed at lower-level staff, with simplified criteria for promotions and salary increments.
The tier-one financial institution rolled out this latest salary increase in January, marking the first such adjustment in two years.
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As part of this major restructuring exercise, Zenith Bank, one of Nigeria’s foremost lenders, promoted 4,165 employees to reward outstanding performance and optimize its workforce, according to sources close to the bank.
Additional promotions are anticipated in the coming weeks, subject to the approval of the Central Bank of Nigeria. This approval is a standard procedure for significant personnel changes within a regulated financial institution and may be connected to broader restructuring plans or organizational changes.
Exceptional contributions
These recent promotions, executed between last Friday and Monday, acknowledge exceptional contributions while addressing the bank’s organizational needs.
“Employees who demonstrated exceptional performance were elevated. However, as part of the restructuring, staff who did not meet age-related requirements or failed to meet internal performance standards were asked to exit,” the source said.
Zenith Bank incurred personnel expenses of N150.5 billion in the first nine months of 2024, compared to N124 billion for the entire year of 2023.
What you should know
In November 2024, Zenith Bank expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix, Paris, France was performed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
- The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.
- The opening of Zenith Bank, Paris followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations.
- Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France.
The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.
