Zenith Bank Set to Open Branch in France, Explains Choice of Location as European Gateway

Zenith Bank Set to Open Branch in France, Explains Choice of Location as European Gateway

  • Zenith Bank has disclosed that its plan to start operations in a Paris branch as part of its global footprint expansion drive
  • This comes after the bank earlier announced that it was processing a license for a presence in France
  • The bank currently operates in the United Kingdom, UAE, China, The Gambia, Ghana, and Sierra Leone

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Zenith Bank has furthered its commitment to expanding its global footprint into the European market.

Zenith Bank set to open branch in France, explains choice of location as European gateway
Jim Ovia, Zenith Bank chairman and founder told the agency that Brexit has made France a strategic location for the bank. Photo Credit: Zenith Bank
Source: UGC

The largest Nigerian bank by market capitalization is not backing down in its plan to open a Paris branch. It told The Africa Report that this would come to fruition in early 2024.

France as the perfect location

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In his recent interview with the agency, Jim Ovia, Zenith Bank chairman and founder, told the agency that Brexit has made France a strategic location for the bank as a European gateway.

He stated that investors from Nigeria looking for good investment opportunities would likely consider staying away from London.

He said:

“They will want to set up in Europe, and France is the obvious choice.”

Bank’s expansion drive for the next five years.

Earlier, Legit.ng reported that the bank was processing a license for a presence in France, as disclosed by Dr Ebenezer Onyeagwu, Group Managing Director and CEO of Zenith Bank, in an interview with World Finance.

Onyeagwu stated that this is part of the bank’s expansion drive for the next five years.

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He added that this would allow the bank to create massive dexterity in its platforms by leveraging very strong IT capability to extend its franchise and products to address different verticals in the business space.

He said:

“Next five years we also want to expand our franchise – currently we are processing our licence for a presence in France that will see us getting one or two presence in Francophone African markets. We expect that retail and digital banking, in the next five years, should almost be 50/50 with our corporate commercial banking business.

With its parent company in Nigeria, the bank currently operates in the United Kingdom, UAE, China, The Gambia, Ghana, and Sierra Leone.

Access Bank, Zenith, others advise customers as Nigerians lose N51bn to criminals

Legit.ng reported that Nigerian banks have taken action to protect their customers from the increasing fraud in the country.

This is on the back of a Leadership report that Nigerian banking customers have lost a whopping N51 billion in savings to fraud as cybercriminals are now targeting Fintech bank customers.

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Reports of frauds using various schemes have particularly heightened as Nigerians prepare for Christmas and the new year and fraudsters seek more victims.

Source: Legit.ng

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