Zenith Bank to Acquire Kenya's Paramount Bank in East African Expansion Push

Zenith Bank, Nigeria's largest bank by market value, is set to acquire Kenya's Paramount Bank in its first foray into East Africa. The acquisition is subject to regulatory approval from the Central Bank of Kenya and Central Bank of Nigeria, with completion expected by early 2026.

Paramount Bank, established in 1993, has a core capital of Ksh2.67 billion and operates eight branches. Zenith Bank's interest in Paramount Bank follows its recent successful capital raise of N350.4 billion through a public offer.

The move aims to strengthen Zenith Bank's balance sheet and expand its continental footprint.