Zenith Bank Plc has confirmed that it has initiated regulatory engagement as a part of its broader strategic goal to broaden into the East African {financial} ecosystem.
The {bank} clarified that whereas it’s actively exploring regional progress alternatives, together with the potential acquisition of economic establishments in East Africa, no definitive transaction has been concluded at the moment.
In a press release issued to the Nigerian Trade Restricted (NGX), shareholders, buyers, and the basic public, and signed by the Firm Secretary, Michael Osilama Otu, Zenith Bank addressed latest media stories suggesting it’s within the means of buying Kenya’s Paramount {Bank}.
“The data at the moment circulating within the public area was not launched or approved by the {Bank},” the assertion learn. Nevertheless, the {bank} acknowledged that it “is at the moment exploring varied regional enlargement alternatives—together with inside East Africa,” including that “regulatory engagement has been initiated with respect to reaching the above goal, together with however not restricted to acquisition of any {financial} establishment throughout the East Africa area.”
The clarification comes amid stories that Zenith Bank is poised to enter the Kenyan market by means of the acquisition of Paramount {Bank}, a mid-tier lender with a core capital of Sh2.67 billion (N29.79 billion) and a community of eight branches.
Based on stories by Enterprise Day by day, the Nigerian banking large is looking for approvals from each the Central Bank of Nigeria and the Central {Bank} of Kenya, with a possible deal completion focused for January 2026.
Whereas Zenith Bank has not confirmed these particulars, the timing aligns with its broader pan-African progress technique.
Kenya’s banking sector is at the moment present process important regulatory transformation. The Central {Bank} of Kenya has introduced plans to lift the minimal core capital requirement for banks from Sh1 billion (N11.16 billion) to Sh10 billion (N111.58 billion) by 2029.
This shift is anticipated to set off a wave of mergers, acquisitions, and capital restructuring throughout the business. Establishments like Paramount {Bank} are below stress to recapitalize, making them engaging targets for strategic buyers like Zenith Bank.
If the acquisition proceeds, Zenith Bank would change into the fourth Nigerian lender to set up operations in Kenya, becoming a member of United {Bank} for Africa (UBA), Guaranty Trust {Bank} (GTBank), and Access Bank.
The transfer would additionally coincide with the lifting of a decade-long moratorium on new banking licenses in Kenya, additional opening the door for regional integration.
Zenith’s East African ambitions comply with its latest announcement to broaden into Côte d’Ivoire and eight different Francophone African international locations, supported by a N614.65 billion hybrid capital increase that boosted its capital base by 160%.
