Zenith Bank Plc has completed its long-awaited entry into East Africa with the full acquisition of Paramount Bank Limited, marking a major milestone in the Nigerian lender’s regional expansion strategy.
In a statement issued on April 7, 2026, the Lagos-based financial giant confirmed that it acquired 100 per cent of Paramount Bank’s issued share capital, following final approvals from regulators in Nigeria and Kenya. The deal, initially announced in November 2025, positions Zenith among a growing number of West African lenders pushing into the Kenyan market.
Zenith described the acquisition as a “significant step” towards strengthening its long-term growth plans, noting that the transaction aligns with its strategy to support customers expanding across borders into high-growth African markets. The move is also expected to deepen the bank’s footprint across sub-Saharan Africa, where competition among financial institutions is intensifying.
Regulatory approval from the Competition Authority of Kenya (CAK) was granted in January 2026. The regulator classified the deal—valued above KSh1 billion (about $7.7 million)—as a notifiable merger and ruled that it would not weaken competition in the sector. However, Zenith was directed to retain all 78 Paramount Bank employees for at least 12 months, a condition aimed at safeguarding jobs during the transition period.
Further clearances from the Central Bank of Kenya and the Central Bank of Nigeria paved the way for the completion of the transaction.
Although Paramount Bank sat near the lower end of Kenya’s banking rankings—33rd out of 39 licensed banks as at December 2024—the acquisition is viewed by analysts as a strategic gateway into one of the region’s most dynamic financial markets. Kenya continues to attract Nigerian lenders, joining the likes of Access Bank, UBA, and GTCO, all of whom have expanded aggressively into East Africa.
With the acquisition, Zenith gains immediate access to capabilities in corporate and retail banking, SME lending, trade finance, and bancassurance. Customers have been assured of uninterrupted services, with expectations of improved offerings as both institutions begin the integration process. The bank is also expected to leverage the region’s strong digital-banking adoption and increasing intra-East African trade flows.
Founded in 1990 by billionaire businessman Jim Ovia, who now serves as chairman, Zenith Bank has grown to one of Nigeria’s largest banks, with operations spanning West Africa, the UK, UAE, China, and South Africa. Its current Group Managing Director, Adaora Umeoji, holds a minority stake in the institution, which boasts nearly half a million shareholders.
The transaction reinforces the broader trend of African banks strengthening regional ties as they compete for market share in the continent’s key economic hubs.
