Zenith Bank Enters Kenya With Paramount Bank Acquisition

Nigeria’s Zenith Bank is entering the Kenyan market after receiving regulatory approval to acquire Paramount Bank. Here’s what the deal means for Kenya’s banking sector and capital rules...

✨ Key Highlights

Nigeria's Zenith Bank Plc has secured regulatory approval to acquire 100 percent of Paramount Bank Limited, marking its entry into the Kenyan banking market.

The Competition Authority of Kenya (CAK) approved the acquisition on the condition that Zenith Bank retains Paramount Bank’s 78 employees for at least 12 months.
Zenith Bank is Nigeria's second-largest lender by asset base and market capitalisation, making this its first entry into Kenya and East Africa.
Paramount Bank was ranked 33rd out of 39 banks in Kenya at the end of 2024.
This acquisition makes Zenith Bank the fourth Nigerian bank to establish a presence in Kenya.

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