Zenith Bank Plc is set to expand its African presence, starting with the launch of operations in Ivory Coast as part of a broader regional growth strategy backed by its stronger capital base.

The bank’s Head of Strategy, Olukayode Akinbinu, said Zenith is considering both greenfield investments and acquisitions across West and Central Africa, with the Ivory Coast branch expected to open this year and Cameroon to follow shortly after.

Out of the N350.5 billion raised earlier in the year to meet the Central Bank of Nigeria’s new minimum capital requirement, 40 per cent will be dedicated to driving the bank’s international expansion.

Zenith Bank’s capital base has risen to N614.65 billion—equivalent to a 160 per cent capitalization level, after a highly oversubscribed hybrid offer, giving the lender the financial strength to accelerate its strategic push into high-growth markets.

Ivory Coast, West Africa’s second-largest economy, has posted an average GDP growth rate of 6.7 per cent over the past five years, ranking among the world’s fastest-growing economies.

Its strong economic momentum is drawing significant investor interest, with Dangote Cement Plc among those planning new projects in the country.

Zenith Bank already has subsidiaries in Ghana, Sierra Leone, and The Gambia, as well as a representative office in South Africa.

Outside the continent, it operates subsidiaries in the United Kingdom and France, a representative office in China, and a UK branch in Dubai.

The bank’s shares have gained 43 per cent year-to-date, outpacing the Nigerian Exchange All Share Index’s 35 per cent rise over the same period.

Its latest expansion drive reflects a wider industry trend, as Nigeria’s top financial institutions continue to broaden their services and geographic footprint in response to lessons from the 2016 economic downturn.