Zenith Bank Set To Acquire Another Bank, CEO Shares Expansion Plans
- Zenith Bank Plc is set to enter the Kenyan market through the acquisition of Paramount Bank
- This is part of its strategic step in its pan-African expansion and will look to offer more banking options
- Zenith Bank will join other Nigerian banks operating in Kenya, including UBA, GTBank, and Access Bank
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Zenith Bank Plc is preparing to launch its operations in East Africa through the acquisition of Kenya’s Paramount Bank.
The Nigerian lender is currently seeking regulatory approvals from both the Central Bank of Nigeria and the Central Bank of Kenya, with the transaction targeted for completion in January 2026, according to Business Daily.
Source: Getty Images
While the financial details of the deal remain confidential, the move is part of Zenith Bank’s strategy to strengthen its continental presence.
Zenith Bank set to buy another bank
The acquisition comes as Kenya’s banking sector undergoes reform.
The Central Bank of Nigeria recently introduced a new prudential regulation that will raise the minimum core capital requirement for banks from Sh1 billion (N11.16 billion) to Sh10 billion (N111.58 billion) by 2029.
This regulatory shift is expected to drive mergers, acquisitions, and capital injections across the industry.
Paramount Bank, a mid-tier lender with a core capital of Sh2.67 billion (N29.79 billion) and eight branches, is among the banks needing to strengthen its capital base.
Options for recapitalisation include retained earnings, fresh equity, or strategic partnerships, making Zenith Bank’s offer both timely and potentially transformative.
If approved, Zenith Bank would become the fourth Nigerian bank operating in Kenya, joining United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), and Access Bank.
Source: Getty Images
Zenith Bank's expansion plan in Africa
Zenith Bank planned to expand into Côte d’Ivoire and eight other Francophone African countries.
This expansion is supported by a N614.65 billion hybrid capital raise, which increased the bank’s capital base by 160%. ThisDay reports.
At the closing ceremony of the capital raise on the Nigerian Exchange (NGX) last month, Group Managing Director and CEO Adaora Umeoji highlighted the strategic role of the exercise.
Umeoji said:
“Since the capital raise exercise, we’ve been able to use part of the money to expand our footprints. We started by opening our Paris branch, and we are going to move from there to Côte d’Ivoire, which we are already processing the license."
Access Holdings pays over N179bn to buy another bank
Earlier, Legit.ng reported that Access Holdings Plc, the parent company of Access Bank, has confirmed that it has completed the acquisition of the National Bank of Kenya (NBK)
In its 2025 half-year financial statement published on NGX, Access Holdings revealed that the deal was valued at approximately N179.1 billion (US$109.6 million).
Access Bank deal with NBK was first announced in May 2025.
Source: Legit.ng
