• Nigerian bank completes full acquisition of Paramount Bank Kenya

• Deal marks Zenith’s entry into Kenya and broader East African market

• Expansion backed by strong balance sheet and growing regional footprint

Zenith Bank has completed the acquisition of 100% of Paramount Bank Kenya, marking its entry into the Kenyan and wider East African banking market.

The Nigerian banking group announced on April 7 that the transaction—first disclosed in November 2025—was finalized after securing regulatory approvals in both Nigeria and Kenya. The value of the deal was not disclosed.

Paramount Bank is ranked 33rd out of 39 licensed banks in Kenya, with an estimated market share of about 0.2%.

With this acquisition, Zenith Bank gains access to one of Africa’s key financial hubs. Kenya offers relative macroeconomic stability, a broadly predictable exchange rate, and a GDP exceeding $136 billion, making it a strategic gateway into East Africa.

The bank said the move is intended to support clients operating across multiple regions of the continent. Zenith already has a presence in Ghana, Sierra Leone, and The Gambia, as well as in the United Kingdom. It also operates a representative office in China and, through its UK subsidiary, maintains branches in the United Arab Emirates and France.

The expansion is supported by solid financial performance. For the year ended December 31, 2025, Zenith Bank reported a 6% increase in gross earnings. Total assets rose to 31,458 billion naira ($22.8 billion), while customer deposits climbed to 24,330 billion naira. The bank proposed a total dividend of 10 naira per share, double the previous year, despite a 5% decline in profit before tax.

Zenith enters Kenya with a strong operational base. As of end-2025, the group operated 456 branches and had issued more than 30 million cards. It also opened 1.9 million new accounts over the year, further strengthening its capacity to expand in East Africa.

Sandrine Gaingne