Zenith Bank Seals Deal with Paramount Bank: A New Era in East Africa

IZenith Bank Plc is pleased to announce the completion of its acquisition of Paramount Bank Kenya Limited, marking a meaningful step in thoughtfully expanding its presence into the East African community.

The bank confirmed the completion in a statement signed by its Company Secretary, Michael Osilama Otu, on Tuesday. The financial value of the transaction was not disclosed.

With this move, Zenith Bank becomes the fourth Nigerian bank to operate in Kenya. It joins United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), and Access Bank.

Regulatory Approval and Strategic Move

Zenith Bank acquired 100% of Paramount Bank’s issued share capital. This followed necessary approvals from regulators in Nigeria and Kenya.

The bank stated the acquisition is a significant step in its long-term growth agenda. It represents a strong inroad into East Africa.

Zenith said the deal strengthens its position as a leading financial institution in Sub-Saharan Africa. It reaffirms the bank’s commitment to following its customers wherever they operate.

Competition Authority Conditions

The Competition Authority of Kenya (CAK) approved the acquisition in January 2026. This cleared a major regulatory hurdle.

Approval was conditional on Zenith retaining all 78 Paramount Bank employees for at least 12 months. The bank is expected to have met this requirement.

The CAK found the acquisition posed no risk to market competition. It noted Zenith had no prior operations in Kenya. Paramount’s market share remains unchanged post-merger.

Nigerian Banks’ East African Expansion

Zenith Bank’s expansion aligns with a broader trend. Nigerian banks are increasingly targeting East Africa.

Access Holdings acquired the National Bank of Kenya in 2025 for $109.6 million. Zenith’s entry follows its competitors who are already established in the market.

The bank’s expansion is supported by a N614.65 billion hybrid capital raise completed last year. This boosted its capital base by 160%.