Nigeria's Zenith Bank PLC has received regulatory approval to acquire 100 percent of Paramount Bank Limited, marking its entry into the East African market. The acquisition is a significant move amidst tighter capital requirements imposed by the Central Bank of Kenya (CBK).

• The Competition Authority of Kenya (CAK) approved the acquisition, with conditions barring immediate staff layoffs to protect jobs.
• Paramount Bank, a Tier 3 lender, was ranked 33rd with about 0.2 percent market share and faced challenges meeting the upcoming Sh10 billion capital requirement by 2029.
• The deal includes Paramount’s subsidiaries—Paramount Bancassurance Intermediary Limited and PB Capital Limited—providing Zenith with an immediate presence in insurance and investment services.
• Zenith Bank joins other Nigerian lenders like Access Bank, United Bank for Africa (UBA), and Guaranty Trust Bank (GTBank) already operating in Kenya, highlighting Kenya's growing strategic importance for Nigerian banks' pan-African expansion.