Lagos, Nigeria – Zenith Bank has completed its acquisition of Paramount Bank in Kenya, marking a major step in its expansion strategy across Africa, according to a statement signed by the company secretary on Tuesday.
Okay News reports that the Nigerian financial institution acquired 100 percent of the issued share capital of Paramount Bank Kenya Limited after receiving all requisite regulatory approvals from both Nigeria and Kenya. With this acquisition, Zenith Bank becomes the fourth Nigerian bank to operate in Kenya, joining United Bank for Africa, Guaranty Trust Bank, and Access Bank.
The acquisition was approved by the Competition Authority of Kenya in January 2026, conditional upon Zenith retaining all 78 employees of Paramount Bank for at least 12 months following the deal’s closure. The authority stated that the acquisition posed no risks to market competition, noting that Zenith had no prior operations in Kenya.
Zenith Bank stated that this acquisition marks a significant step toward its long-term strategic growth agenda and a strong inroad into East African markets. The bank’s expansion efforts are supported by a N614.65 billion hybrid capital raise completed last year, which boosted its capital base by 160 percent.
This bank acquisition strengthens Zenith’s position as a leading financial institution in Sub-Saharan Africa, following in the footsteps of competitors like Access Bank which acquired National Bank of Kenya in 2025. Sustained bank acquisition activity highlights growing Nigerian interest in East Africa’s financial markets.
