Zenith Bank Plc has refuted viral media reports claiming it is in the process of acquiring Paramount Bank in Kenya as part of an aggressive push into East Africa, insisting no such transaction has been approved or announced.
In a statement issued on Tuesday, Michael Otu, the bank’s secretary, said the circulating reports suggesting that “definitive decisions have been taken” or that a deal is already underway did not originate from Zenith Bank and should be disregarded.
Okay News reports that the bank described the publications as unauthorised and inaccurate.
“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 statement said.
While debunking claims of an active acquisition process, Zenith Bank confirmed that it is indeed evaluating regional expansion opportunities in line with its long-term strategy — including potential entry into East Africa, one of the continent’s fastest-growing financial markets.
As part of these early-stage considerations, the lender acknowledged holding preliminary engagements with regulators on possible expansion pathways, which could include acquiring an existing financial institution in the region. However, it stressed that no transaction has reached a stage requiring regulatory disclosure.
“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,” the statement added.
Zenith Bank urged shareholders, investors, and the public to rely exclusively on its verified communication channels for updates, reaffirming its commitment to providing accurate, reliable, and timely information to the market.
