The London Stock Exchange (LSE) is poised to accept the listing of $850 million shares of Zenith Bank, ThisDay Live revealed on Wednesday afternoon.

Zenith Bank, one of Nigeria’s leading commercial banks, told ThisDay Live that there were strong indications that the listing on the LSE would most probably happen this month.

The website said these shares would be listed as Global Depository Receipts (GDR) on the LSE. GDRs are negotiable certificates held in the bank of one country representing a specific number of shares of a stock traded on an Exchange of another country, according to ThisDay Live.

In November last year, the bank’s shareholders approved the GDR listing on the LSE and the trading on the LSE of the instrument.

Zenith Bank management has said the main aim of the GDR issuance was to expand the bank’s prominence and trading in its securities. ThisDay Live added this move was also aimed at expanding and diversifying its investor base.

Zenith Bank, according to Reuters on Tuesday this week, had all the necessary approvals on the listing from regulators in Nigeria. Reuters said the deal would enable foreigners who prefer to hold dollar assets to invest in the bank.

“Investors can only switch a maximum of $850 million worth of local shares into the GDR programme,” ThisDay Live quoted the bank as having said, adding that the GDR price would be based on the naira exchange rate and the local share price of Zenith Bank. “Hopefully, it will be listed within two weeks.”

ThisDay Live reported that Zenith had total market capitalisation of N674.7 billion ($4.2 billion) on the Nigerian Stock Exchange (NSE) Tuesday, even as it closed at N21.49 per share.

One GDR will represent 50 ordinary shares, the bank said. JP Morgan is acting as the depository bank, while Citi will act as the custodian.

Zenith Bank joins three other Nigerian lenders with GDRs trading in London — Guaranty Trust Bank, Diamond Bank and First Bank.