Nigeria’s Zenith Bank PLC has formally entered the Kenyan financial market after completing the full acquisition of Paramount Bank Limited, marking a significant milestone in the lender’s pan-African expansion strategy.

In a statement released on 7 April 2026, the Lagos-based bank confirmed that it had acquired 100 percent of Paramount Bank’s issued share capital following approvals from regulators in both Nigeria and Kenya. The deal, first announced in November 2025, represents Zenith’s first direct foothold in East Africa, a region increasingly targeted by West African financial institutions.

The bank described the transaction as a “significant step” in its long-term growth ambitions, noting that it reinforces its position as a leading financial institution across sub-Saharan Africa. It added that the acquisition aligns with its strategy of supporting customers as they expand across borders, particularly into high-growth African markets.

Regulatory clearance for the deal was granted by the Competition Authority of Kenya in January 2026, after determining that the acquisition would not substantially reduce competition within the sector.

The regulator classified the transaction as a notifiable merger because its value exceeded KSh1 billion, equivalent to approximately $7.7 million at current exchange rates.

In approving the deal, the authority stated that the deal was “unlikely to lead to a substantial prevention or lessening of competition,” but imposed a key condition requiring Zenith to retain all 78 employees of Paramount Bank for at least 12 months.

The provision is intended to safeguard jobs during the transition period.

Final approvals were also secured from the Central Bank of Kenya and the Central Bank of Nigeria, clearing the way for the transaction’s completion.

Although Paramount Bank ranked 33rd out of 39 licensed banks in Kenya as of December 2024, analysts view the acquisition as a strategic entry point into a competitive but fast-growing market. Kenya’s banking sector has attracted increasing interest from regional players, including Nigerian lenders such as Access Bank Plc, United Bank for Africa, and Guaranty Trust Holding Company.

Zenith’s expansion builds on its existing presence across West Africa and its international operations in the United Kingdom, the United Arab Emirates, China, and South Africa.

By acquiring Paramount, the bank gains immediate access to local capabilities in corporate and retail banking, SME lending, trade finance, and bancassurance.

Customers of the Kenyan lender have been assured of continuity in the short term, with the potential for enhanced products and services as integration progresses. The combined entity is also expected to leverage growing trade links within East Africa and tap into the region’s accelerating adoption of digital banking.

Zenith Bank was founded in 1990 by billionaire businessman Jim Ovia, who now serves as chairman. The bank’s chief executive, Adaora Umeoji, holds a minority stake in the institution, which has nearly half a million shareholders.

The acquisition underscores a broader trend of African banks deepening regional integration, as competition intensifies for market share in key economic hubs across the continent.