Zenith Bank PLC Formalizes East African Expansion with 100% Acquisition of Kenya’s Paramount Bank

Zenith Bank PLC enters the East African market with a $7.7 million acquisition of Paramount Bank, securing 100% ownership and retaining all staff.

By: AXL Media

Published: Apr 9, 2026, 8:16 AM EDT

Source: Information for this report was sourced from Business Insider Africa

A Strategic Foothold in East Africa

Zenith Bank PLC has officially crossed the regional divide, completing its 100 percent acquisition of Kenya's Paramount Bank Limited. This move, finalized on April 7, 2026, represents the Lagos-based lender’s inaugural entry into the East African financial sector. The acquisition is a cornerstone of Zenith’s broader pan-African strategy, designed to support cross-border trade and provide a competitive alternative in one of the continent's most dynamic banking hubs.

Regulatory Approvals and Labor Safeguards

The transaction, valued at approximately $7.7 million (KSh 1 billion), underwent rigorous vetting by the Competition Authority of Kenya (CAK). In January 2026, the CAK ruled that the merger was unlikely to stifle competition, given that Paramount Bank ranked 33rd out of 39 licensed banks in Kenya as of late 2024. However, to maintain social and market stability, regulators imposed a mandatory 12-month retention period for all 78 existing Paramount Bank employees, protecting local jobs during the transition.

Strengthening the Pan-African Value Chain

By acquiring a direct stake in the Kenyan market, Zenith Bank joins a growing list of Nigerian financial institutions—including Access Bank, UBA, and GTCo—vying for dominance in the East African Community (EAC). Zenith’s leadership, headed by Chairman Jim Ovia and CEO Adaora Umeoji, stated that the move aligns with their vision of following customers into high-growth markets. The bank intends to leverage its existing international presence in the UK, UAE, China, and South Africa to facilitate trade finance and digital banking services within Kenya.