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Zenith Bank has opened talks for an acquisition that will see it enter the Kenya market, deepening the foray of banks from Nigeria that are keen to expand in the East African region.
Business Daily a Kenya paper reported that Zenith Bank is in talks with a tier-two lender in the Kenyan market.
Guaranty Trust Bank and Access Bank are other Nigerian Banks with a presence in Kenya currently.
The total assets of Kenya’s banking sector reached KSh 7.645 trillion ($60 billion) in December 2024. This represents a 1.0 percent increase from KSh 7.56 trillion in September 2024.
Zenith Bank is likely trying to tap into the fast growing Kenyan Banking market with its planned acquisition.
Despite the challenging macroeconomic environment, Zenith Bank was resilient as it remained Nigeria’s largest bank by profit in the first quarter (Q1) of 2025.
Zenith Bank recorded profit after tax (PAT) of N311.83 billion ($194 million) in Q1 as a diversified revenue base enabled consistent earnings growth, according to data gathered by MoneyCentral.
Zenith Bank substantial earnings power and strong capital buffers will enable it exit forbearance exposures this year ensuring it continues to pay dividend to shareholders and investors.
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