One of Nigeria’s leading banks, Zenith Bank Plc, has established a London subsidiary – Zenith Bank (UK) Limited. Trade and commodity finance will be a major part of the new subsidiary’s activities.


David Colgan has been appointed director, business development. Colgan was previously head of trade and commodity finance at Absa Bank in London. He left there last year following the winding down of the UK operation as a result of the Barclays takeover of Absa.


Significant volumes of letters of credit will be channelled through Zenith UK covering Nigeria’s large annual imports.


To oversee this activity, Anne Miglorine has joined from SMBC and has recruited Karen Francois from ABC International. A third team member will be joining shortly.


The letter of credit flows will lead to additional financing opportunities for UK and other European trading companies.


Zenith UK will also focus on Nigerian and other West African commodity producers and traders and will develop SCF structures on a bilateral and club basis.


The bank also expects to participate in the larger syndications for commodity producers in the West African region.