Nigerian banking giant, Zenith Bank PLC has acquired 100pc shareholding in Paramount Bank Limited following the approval by Central Bank of Kenya (CBK).
CBK says the transaction follows its approval on March 9, 2026 and subsequent approval by the National Treasury and Economic Planning cabinet secretary on March 16, 2026 in accordance with the Banking Act.
“The acquisition shall take effect upon completion of the transaction in accordance with the
terms of the Agreement between the two parties,” said CBK in a statement.
PBL which commenced commercial banking services in the country in 1995 currently operates seven branches in Nairobi, Mombasa, Kisumu and Eldoret.
The acquisition by Zenith Bank also incudes Paramount Bancassurance Intermediary Ltd, a subsidiary of PBL which distributes insurance products.
“Zenith is among the largest banks in Nigeria, with over 450 branches across Nigeria. The bank also has operations in various countries across West Africa, United Kingdom and a branch each in France and United Arab Emirates,” said CBK.
As of last year, Zenith Bank which is headquartered in Lagos and and is listed on both the Nigeria Stock Exchange and the London Stock Exchange had an asset base of $23.1 billion.
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