Zenith Bank completes acquisition of Kenya’s Paramount Bank

Zenith Bank has completed its acquisition of Paramount Bank in Kenya, marking a major step in its expansion strategy across Africa.

The Nigerian lender confirmed the deal’s closure in a statement signed by Company Secretary, Michael Osilama Otu, on Tuesday, with the value of the deal left undisclosed.

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

In its statement, Zenith Bank confirmed that it had acquired 100% of the issued share capital of Paramount Bank Kenya Limited, after receiving the necessary regulatory approvals from both Nigeria and Kenya.

Zenith Bank reiterated that the acquisition strengthens its position as a leading financial institution in Sub-Saharan Africa, reaffirming its commitment to following its customers’ businesses wherever they operate.

The acquisition was approved by the Competition Authority of Kenya (CAK) in January 2026, clearing a key regulatory hurdle for Zenith Bank’s entry into East Africa’s largest financial market.

The CAK’s approval was conditional upon Zenith retaining all 78 employees of Paramount Bank for at least 12 months following the deal’s closure, a requirement that the bank is expected to have met.

The CAK also stated that the acquisition posed no risks to market competition, noting that Zenith had no prior operations in Kenya.

After the merger, Paramount’s market share remains unchanged, with rival banks continuing to control over 99.8% of the market.

Zenith Bank, listed on both the Nigerian and London stock exchanges, has been pursuing an aggressive expansion strategy beyond its West African base.