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Zenith Bank was established in May 1990 and commenced banking operations in July of the same year. At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the central bank granted up to twenty banking licenses a year to investors.
A currency conversion service was offered in 1996 and commercialized by a number of companies including Monex Financial Services [7] and Fexco. [8]Prior to the card schemes (Visa and MasterCard) imposing rules relating to DCC, cardholder transactions were converted without the need to disclose that the transaction was being converted into a customer's home currency, in a process known as "back ...
In 2013, the bank acquired a 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million. [18] Fina Bank branches and subsidiaries were rebranded GT Bank soon afterwards. In 2013, the Bank issued a US$400,000,000 Euro bond at a coupon rate of 6%; the least obtained by a Nigerian company in the international capital market.
The bank will usually send a 1099-INT form to the person listed first on the account. In many cases, the person who receives the 1099 reports the interest on their tax return, but rules may be ...
The Customer Identification Program is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer. The CIP must include new account opening procedures that specify the identifying information that will be obtained from each customer.
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