Nigeria's Zenith Bank Completes Acquisition of Paramount Bank in Kenya After Regulatory Clearances
- Zenith Bank Plc has completed the acquisition of 100% of Paramount Bank Kenya Limited after obtaining all required regulatory approvals in Nigeria and Kenya
- The deal marks the bank’s entry into the East African market and forms part of its long-term expansion strategy across sub-Saharan Africa
- It is also expected to strengthen Zenith Bank’s regional presence and support customers with cross-border business operations
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Zenith Bank Plc has announced the successful acquisition of 100% of the issued share capital of Paramount Bank Kenya Limited, marking its official entry into the East African market.
The announcement was published as a notification on the website of the Nigerian Exchange Group on Tuesday, April 7, 2026.
Source: UGC
The transaction, finalised after securing all necessary regulatory approvals from authorities in both Nigeria and Kenya, represents a key milestone in the bank’s regional expansion drive.
The development comes months after the lender dismissed reports in November 2025 suggesting it was planning to acquire the Kenyan bank, making the completed deal a notable turnaround from its earlier position.
Legit.ng recently reported that Zenith Bank announced a profit after tax of over N1 trillion for the financial year of 2025, reinforcing its position as one of Nigeria’s most profitable banks.
Zenith Bank boosting regional presence
In a statement signed by the company secretary, Michael Osilama Otu, Zenith Bank described the acquisition as a major step in advancing its long-term growth strategy.
The bank's statement read:
“Further to our publication on November 18, 2025, ZENITH BANK PLC (“the Bank”) is pleased to announce the completion of its acquisition of the entire issued share capital of Paramount Bank Kenya Limited (PBL or “the Target”) following the receipt of all requisite regulatory approvals in Kenya and Nigeria.”
The bank noted that the move not only strengthens its footprint across sub-Saharan Africa but also enhances its ability to support customers engaged in cross-border business operations.
According to the lender, the deal reinforces its standing as a leading financial institution in the region while aligning with its strategy of expanding alongside its clients’ businesses.
The bank said:
“This acquisition marks a significant step towards our long-term strategic growth agenda and a strong inroad into the East African markets."
Zenith Bank added that the acquisition underscores its commitment to deepening its presence in key African markets and driving sustainable growth.
It emphasised that the completion of the transaction followed the receipt of all necessary regulatory approvals from authorities in both countries.
Source: UGC
Access Bank acquires National Bank of Kenya
In related news, Legit.ng earlier reported that Access Bank (Kenya) Plc has secured permission to complete the acquisition of the National Bank of Kenya (NBK).
The CBK approval allowed Access Bank to take over 100% of NBK’s shareholding, previously held by the Kenya Commercial Bank (KCB) Group
The deal includes NBK’s insurance arm, NBK Bancassurance Intermediary Limited, the Kenyan Times reports.
Source: Legit.ng
