November 19, (THEWILL) — Zenith Bank Plc has publicly rejected recent media reports claiming it is in the process of acquiring Kenya’s Paramount Bank, calling the information unauthorised and inaccurate.
In a statement released on November 18, 2025, the bank’s secretary, Michael Otu, clarified that no definitive agreements have been reached and no transaction is currently underway.
While denying any active deal, Zenith Bank confirmed it is exploring regional growth opportunities, including potential entry into East Africa. The statement emphasised that “any transaction requiring regulatory disclosure or shareholder notification” would follow proper protocol under NGX and SEC rules.
Reports surfaced suggesting Zenith Bank was seeking to acquire Paramount Bank Ltd, a mid-sized Kenyan lender founded in 1993, with several branches across the country. The proposed acquisition was framed within the broader context of banking-sector consolidation in Kenya, driven by new capital requirements imposed by the Central Bank of Kenya (CBK).
In recent months, Zenith Bank has strengthened its capital position through a rights issue and public offering, raising significant funds that could support cross-border acquisitions. These moves demonstrate the bank’s ability to fund strategic regional expansion, should it decide to pursue such opportunities.
A potential acquisition would mark Zenith’s first major entry into East Africa, providing an operational base and access to a growing market.
The denial signals that any engagement with regulators remains exploratory, leaving investors to monitor future developments.
Zenith’s regional ambitions and strengthened capital base underscore its long-term growth strategy and pan-African positioning, suggesting that cross-border expansion remains a strategic priority even if the Paramount Bank deal does not materialise immediately.
While Zenith Bank dismisses the Paramount Bank acquisition reports, the bank’s capital-raising efforts and continued focus on regional growth indicate that its expansion plans remain active. Stakeholders and investors are likely to watch closely for future moves as the bank seeks to solidify its presence in the East African market.
Ogochukwu Onwaeze
