Zenith Bank Plc has announced the successful completion of its acquisition of the entire issued share capital of Paramount Bank Kenya Limited (PBL), following the receipt of all necessary regulatory approvals in both Nigeria and Kenya.
The development marks a significant milestone in the bank’s regional expansion strategy, reinforcing its ambition to deepen its presence across Sub-Saharan Africa.
The acquisition provides Zenith Bank 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,” the lender said in a statement.
The development comes after Zenith Bank previously refuted recent media reports and online commentary in November 2025, claiming that the bank is in the process of acquiring Paramount Bank in Kenya as part of its expansion into the East African market.
The move also strengthens Zenith Bank’s competitive positioning within Africa’s banking landscape, as Nigerian tier-one banks continue to pursue regional expansion to unlock new growth opportunities. Others like Access Bank and GT Bank have expanded reach in the last few years.
It will be recalled that the management of Zenith Bank, led by Ms Adara Umeoji, at the Nigeria Exchange (NGX), assured shareholders during the recapitalisation exercise that proceeds from the rights issue and public offer would be allocated to the global expansion of Zenith Bank operations, alongside increased funding for the real sector and upgrading technology infrastructure.
According to her, “35 per cent of the proceeds will fund the bank’s global expansion strategy, increasing its footprint in Africa and other parts of the world. 45 per cent will be deployed as working capital to support the real sector of the economy, and 20 per cent will be used to enhance the bank’s IT infrastructure and digital capabilities.”
Last month, Zenith Bank also expanded its operations to the United Kingdom by opening its Manchester branch office. It also unveiled plans to secure a full listing on the London Stock Exchange, one of the world’s leading stock exchanges.