Zenith Bank has completed its acquisition of Paramount Bank in Kenya, marking a major step in its expansion strategy across Africa.
The Nigerian lender confirmed the deal’s closure in a statement signed by Company Secretary, Michael Osilama Otu, on Tuesday, with the value of the deal left undisclosed. With this acquisition, Zenith Bank becomes the fourth Nigerian bank to operate in Kenya, joining United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), and Access Bank.
In its statement, Zenith Bank confirmed that it had acquired 100% of the issued share capital of Paramount Bank Kenya Limited, after receiving the necessary regulatory approvals from both Nigeria and Kenya. “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 following the receipt of all requisite regulatory approvals in Kenya and Nigeria,” the bank said. “This acquisition marks a significant step toward our long-term strategic growth agenda and a strong inroad into the East African markets,” the statement added. Zenith Bank reiterated that the acquisition strengthens its position as a leading financial institution in Sub-Saharan Africa, reaffirming its commitment to following its customers’ businesses wherever they operate.
The acquisition was approved by the Competition Authority of Kenya (CAK) in January 2026, clearing a key regulatory hurdle for Zenith Bank’s entry into East Africa’s largest financial market. The CAK’s approval was conditional upon Zenith retaining all 78 employees of Paramount Bank for at least 12 months following the deal’s closure, a requirement that the bank is expected to have met. The CAK also stated that the acquisition posed no risks to market competition, noting that Zenith had no prior operations in Kenya. After the merger, Paramount’s market share remains unchanged, with rival banks continuing to control over 99.8% of the market.
Zenith Bank, listed on both the Nigerian and London stock exchanges, has been pursuing an aggressive expansion strategy beyond its West African base. The acquisition of Paramount Bank aligns with Zenith’s broader plans to enter new markets, following in the footsteps of competitors like Access Bank, United Bank for Africa (UBA), and GTBank, all of which already have operations in Kenya. In 2025, Access Holdings acquired the National Bank of Kenya (NBK) for $109.6 million from KCB Bank Group, highlighting the growing interest of Nigerian banks in East Africa. Zenith Bank’s expansion efforts are supported by a N614.65 billion hybrid capital raise completed last year, which boosted the bank’s capital base by 160%.
