The transaction, finalized on April 7, 2026, received all necessary approvals from the Central Bank of Kenya, the Central Bank of Nigeria, and the Competition Authority of Kenya.
The CAK approved the acquisition under Kenya’s Competition Act, citing that the merger did not pose any threat to competition, with conditions requiring Zenith to retain Paramount Bank’s 78 employees for at least 12 months to safeguard jobs.
Zenith Bank initially denied plans to acquire Paramount Bank in November 2025, but confirmed the transaction following regulatory approvals, emphasizing the strategic importance of this move for its growth agenda.
According to the official statement signed by company secretary Michael Osilama Otu, the acquisition aligns with Zenith Bank’s long-term growth strategy and strengthens its footprint across Sub-Saharan Africa.
The bank emphasized that the acquisition allows it to follow customers’ businesses across borders and enhance cross-border financial services.
“This acquisition marks a significant step towards our long-term strategic growth agenda and a strong inroad into the East African markets,” the statement said. Zenith Bank already operates in West Africa and has international subsidiaries in the UK, UAE, China, and South Africa. With Paramount Bank, it gains retail, corporate, SME, trade finance, and bancassurance capabilities in Kenya.
Zenith Bank’s entry increases foreign participation in Kenya’s banking industry, joining other Nigerian lenders like Access Bank, UBA, and GTBank.
The acquisition positions Zenith to compete with regional and international players, including South Africa’s Nedbank and its stake in NCBA Group.
The move also comes amid growing interest in mergers and acquisitions within the Kenyan banking sector.
Nedbank recently tabled a multibillion-shilling offer for a controlling stake in NCBA Group, highlighting a trend of cross-border consolidation in East African finance.
Paramount Bank, which ranked 33rd among Kenya’s 39 licensed banks as of December 2024, will now operate under Zenith Bank’s management. Customers can expect short-term continuity in services with gradual enhancements in product offerings as integration proceeds.
Founded in 1990 by Nigerian billionaire and philanthropist Jim Ovia, Zenith Bank has grown into one of Africa’s largest financial institutions. Ovia, the majority shareholder, guided the bank as CEO before assuming the role of Chairman.
The current CEO, Adaora Umeoji, oversees strategic operations while controlling approximately 0.2% of the bank’s shares.
Zenith Bank’s leadership emphasized that the Paramount acquisition reinforces the bank’s mantra of supporting customers’ businesses, expanding its reach while maintaining local employment and service standards.
As cross-border trade and digital banking opportunities grow, Zenith Bank’s presence in Kenya is expected to drive regional trade links and support the expansion of financial services across East Africa.
