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The Competition Authority of Kenya (CAK) has approved the acquisition of Paramount Bank Limited by Nigeria’s Zenith Bank Plc. This marks a significant development for the Nigerian financial institution's expansion in the Kenyan banking sector. The approval was granted with specific conditions aimed at safeguarding employment. In a separate deal, the prominent Kenyatta, Nyachae, and Ndegwa families are set to see their shareholding in NCBA Group diluted. This is due to a proposed deal involving South Africa’s Nedbank Group.
The Competition Authority of Kenya has approved the acquisition of Paramount Bank by Nigeria’s Zenith Bank Plc. This marks a significant development in the Kenyan banking sector, with a major Nigerian financial institution expanding its presence.