Zenith Bank PLC has officially expanded into Kenya’s banking sector after finalising the complete takeover of Paramount Bank Limited, marking a key step in its broader pan-African growth agenda.
In a statement issued on April 7, 2026, the Lagos-headquartered lender announced that it had secured 100 percent ownership of Paramount Bank’s shares, following regulatory approvals in both Nigeria and Kenya. The acquisition, initially revealed in November 2025, gives Zenith its first direct presence in East Africa, a region drawing growing interest from West African banks.
The institution described the deal as an important move in its long-term expansion plans, highlighting that it strengthens its standing as a major financial player across sub-Saharan Africa. It also noted that the acquisition supports its objective of assisting clients seeking cross-border opportunities, particularly in fast-growing African markets.
Approval for the transaction was granted by the Competition Authority of Kenya in January 2026, after concluding that the deal would not significantly impact competition in the industry. The regulator classified it as a notifiable merger since its value exceeded KSh1 billion, roughly $7.7 million.
While clearing the deal, the authority stated that it was unlikely to substantially hinder competition, but attached a condition requiring Zenith to retain all 78 employees of Paramount Bank for at least one year, to protect jobs during the transition.
Further authorisations were obtained from the Central Bank of Kenya and the Central Bank of Nigeria, paving the way for the completion of the acquisition.
Despite ranking 33rd among 39 licensed banks in Kenya as of December 2024, analysts consider the purchase a strategic gateway into a competitive yet rapidly expanding market. Kenya’s financial sector has increasingly attracted regional players, including Nigerian institutions such as Access Bank Plc, United Bank for Africa, and Guaranty Trust Holding Company.
The move builds on Zenith’s established footprint across West Africa, along with its operations in the United Kingdom, the United Arab Emirates, China, and South Africa. Through the acquisition, the bank gains immediate access to local expertise in corporate and retail banking, SME financing, trade services, and bancassurance.
Clients of the Kenyan bank have been assured that services will continue uninterrupted in the short term, with expectations of improved offerings as integration progresses. The merged entity is also set to benefit from increasing regional trade and the rapid growth of digital banking adoption in East Africa.
Founded in 1990 by Jim Ovia, Zenith Bank is chaired by the billionaire entrepreneur. Its current CEO, Adaora Umeoji, holds a minority shareholding in the company, which boasts nearly half a million investors.
Overall, the acquisition reflects a wider pattern of African financial institutions strengthening regional ties, as competition intensifies for dominance in major economic centres across the continent.