Nigeria’s Zenith Bank PLC, the second-largest lender by assets and market capitalization, has officially entered the Kenyan banking market after completing its 100% acquisition of Paramount Bank Limited on April 7, 2026, according to a statement by the Nigerian Bank.
According to the Nigerian Bank, the announcement followed a publication on November 18, 2025, regarding the acquisition of shares in Paramount Bank Limited and the pursuit of regulatory approvals for its first entry into Kenya and the broader East African market.
“Further to our publication on November 18, 2025, ZENITH BANK PLC is pleased to announce the completion of its acquisition of the entire issued share capital of Paramount Bank Kenya Limited (PBL or “the Target”) following the receipt of all requisite regulatory approvals in Kenya and Nigeria,” Part of the official statement, dated April 7, 2026, read.
Additionally, the Bank stated that the acquisition of all the share capital of PBL marked a significant step in the long-term growth agenda of the Bank.
According to the statement, the acquisition also served as an inroad into the East African Markets as well as reinforced the Nigerian banks’ position as a leading financial institution in Sub-Saharan Africa.
Further, it affirmed the Bank’s mantra of following its customers’ businesses, competing with parallel foreign interest in Kenyan lenders, including South Africa’s Nedbank and its links to NCBA Group.
Paramount Bank Kenya Limited (PBL) Acquisition
In November 2025, Zenith acknowledged that it was exploring various regional expansion opportunities in East Africa and other regions.
Approval of the proposed 100% acquisition was obtained from the Competition Authority of Kenya (CAK). The CAK stated that the acquisition did not substantiate any threats.
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CAK treated the deal as a notifiable merger under Kenya’s Competition Act, given its value exceeded KSh 1 billion under the Regulatory Approvals and Conditions.
“The Competition Authority of Kenya has approved the proposed acquisition of 100 percent shareholding of Paramount Bank Limited by Zenith Bank PLC, subject to conditions aimed at safeguarding employment. The approval is based on the Authority’s determination that the transaction is unlikely to lead to a substantial prevention or lessening of competition,” CAK official decision document on January 22, 2026 read.
However, as part of the condition for the approval, the CAK required Zenith to retain all 78 Paramount employees for at least 12 months, ensuring job security during the transition.
Despite having no prior operations in Kenya, Zenith ranked 33rd among 39 licensed banks as of December 2024.
The complete acquisition of Paramount Bank was completed following approval by the Central Bank of Kenya (CBK) and the Central Bank of Nigeria (CBN).
Nigerian banks such as Access Bank, UBA, and GTBank already operate in the market, with Zenith becoming the latest entrant, raising the foreign interest in Kenya’s banking sector.
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Zenith Bank PLC Operations
In addition to the new acquisition of the PBL, Zenith Bank has a presence across West Africa and maintains international subsidiaries in the UK, UAE, China, and South Africa.
Acquiring Paramount adds Zenith’s corporate banking, retail, SME lending, trade finance, and bancassurance capabilities through Paramount’s subsidiaries.
Through the acquisition, customers have been reassured that they will experience continuity in the short term, with potential enhancements to product offerings over time.
As integration proceeds, the combined entity is positioned to capitalize on East African trade links and digital growth opportunities.
Jim Ovia, a Nigerian billionaire and philanthropist, founded the bank in 1990 and served as its CEO before assuming the position of the Chairman.
He is the majority shareholder, although the lender has nearly half a million shareholders.
The bank’s CEO, Adaora Umeoji, controls about 0.2% of the stake.
