Zenith Bank, Nigeria’s Tier-1 Lender, Enters Kenya’s Market, Acquires Paramount Bank

Zenith Bank

 

OpenLife Nigeria reports that Zenith Bank Plc, Nigeria’s Tier-1 Lender has officially entered the Kenyan market, having completed a 100% acquisition of Paramount Bank.

The official signing ceremony for the acquisition of Paramount Bank by Zenith Bank Plc took place during the 2026 Africa-France (Africa Forward) Summit which held in Nairobi, Kenya, from May 11 to May 12, 2026.

The acquisition provides Zenith Bank Group Plc with a strategic entry into the East African market, positioning it to better support cross-border trade and serve its growing base of regional and international clients.
“This acquisition marks a significant step towards our long-term strategic growth agenda and a strong inroad into the East African markets.

“It further reinforces the Bank’s position as a leading financial institution in Sub-Saharan Africa and affirms the Bank’s mantra of following our customers’ businesses,” Zenith Bank said in a statement.

In attendance were President/Chief Executive of Dangote Industries Limited, Aliko Dangote; Honourable Minister of Industry, Trade & Investment, Dr. Jumoke Oduwole MFR; Shareholder Paramount Bank Kenya, Mr. Anwarali Noorali Merali; Founder of Zenith Bank Plc, Mr. Jim Ovia CFR; GMD/CEO Zenith Bank PLC, Dame. Dr. Adaora Umeoji OON.

Others include Executive Director of Zenith Bank PLC, Mr. Adamu Lawani; Company Secretary/Head of Legal, Zenith Bank PLC, Mr. Michael Otu; Group Head Foreign Subsidiaries, Global Expansion & Cost Optimisation, Zenith Bank PLC, Mr. Olukayode Akinbinu and other top government officials, regulators, financial sector leaders, Senior Management staff of the Bank and specially invited guests from both Nigeria and Kenya.

With branches across the 36 States in Nigeria including the Federal Capital Territory, FCT, Abuja, Zenith Bank has expanded its global and local footprints, most notably opening a new branch in Manchester, United Kingdom.

This followed the opening of Paris, France branch and operating subsidiaries located in Ghana, Sierra Leone, Gambia, and Côte d’Ivoire.

In the Middle East & Asia, the bank maintains a subsidiary in the United Arab Emirates (UAE) and a representative office in China as well as conducting frequent outreach programmes in United States cities like Los Angeles, Atlanta, Maryland, and New York to process BVN, NIN and account services.

The financial records of the 35 years old bank have put smiles on the faces of stakeholders

The audited 2025 financial results showed Zenith Bank Group’s strong top-line growth, with Total Assets increasing to over N31.46 trillion and Gross Earnings rising to N4.19 trillion from N3.97 trillion in 2024.