Zenith Bank Reacts to Reported Plan To Acquire Kenyan Bank
- Zenith Bank has denied reports claiming it is in talks to acquire Paramount Bank a commercial bank in Kenya
- The financial institution dismissed the widely circulated report, saying no such deal has been authorised.
- The bank confirmed it is exploring regional expansion and has begun early regulatory engagements in East Africa
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 has dismissed media reports claiming it is in talks to acquire Paramount Bank in Kenya.
The lender, in a statement signed by its Company Secretary, Michael Otu released on NGX said that no such transaction has been initiated or approved.
Source: UGC
Zenith Bank added that the stories circulating in sections of the media suggesting that the bank had already made definitive decisions and commenced a takeover is false.
The message reads:
"The attention of Zenith Bank Plc (“the bank”) has been drawn to recent media publications and online commentary alleging that the bank is in the process of acquiring Paramount Bank in Kenya as part of an expansion into the East African market. The reports further suggest that definitive decisions have been taken and that a transaction is currently underway.
"The bank wishes to formally notify the Nigerian Exchange Limited (NGX), our esteemed shareholders, investors, and the general public that the information currently circulating in the public domain was not released or authorized by the bank."
The lender explained that while no deal has been approved or concluded, it is actively pursuing regional expansion as part of its long-term growth strategy.
The statement added:
"As part of our long-term strategic growth agenda, the bank is currently exploring various regional expansion opportunities, including within East Africa. Regulatory engagements have been initiated to achieve this objective, which may include the acquisition of financial institutions within the East African region."
Zenith Bank maintained that should any development requiring disclosure arise, it will adhere strictly to statutory public reporting standards, BusinessDay reports.
Source: Getty Images
It said:
"Should any transaction requiring regulatory disclosure or shareholder notification arise in the future, the Bank will comply with all applicable provisions of the NGX Rulebook, the Securities and Exchange Commission (SEC) regulations, and other statutory requirements for timely and transparent disclosure.
"We remain committed to providing accurate, reliable, and timely information to the market, and we encourage stakeholders to rely solely on our official communication channels for verified updates."
Zenith Bank financial statement
Earlier, Legit.ng reported that Zenith Bank Plc has announced it recorded a gross earnings of N3.97 trillion in 2024, which is an 86% increase from N2.12 trillion in 2023.
The bank stated this in its audited financial results released on the Nigerian Exchange (NGX).
Zenith Bank's growth was driven by a 138% rise in interest income, bolstered by investments in high-yield government securities and an expanding loan book.
Profit before tax (PBT) climbed 67% to N1.3 trillion in 2024 from N796 billion in the previous year, supported by revenue growth and effective treasury portfolio management.
Source: Legit.ng
