Zenith Bank to Acquire Paramount Bank in Kenya for Expansion Plans

Zenith Bank is set to acquire Paramount Bank in Kenya to expand its operations in East Africa. The deal, expected to be completed by January 2026, is part of Zenith's strategy to enhance its continental presence.

The acquisition comes as Kenya's banking sector undergoes reforms, with the Central Bank of Nigeria introducing new regulatory requirements. Zenith Bank's move aligns with efforts to meet the increased capital requirements and drive mergers and acquisitions in the industry.

The acquisition will position Zenith Bank as the fourth Nigerian bank operating in Kenya, joining UBA, GTBank, and Access Bank. Additionally, Zenith Bank recently raised significant capital through a hybrid capital raise to boost its financial base.