Zenith Bank of Nigeria Plc says it has completed the acquisition of the entire issued share capital of Paramount Bank Kenya Limited (PBL) following the receipt of all requisite regulatory approvals in Kenya and Nigeria.
“The acquisition marks a significant step towards our long-term strategic growth agenda and a strong inroad into the East African markets,” Zenith bank said in a statement.
Zenith Bank had earlier received formal approval from the Competition Authority of Kenya (CAK) to acquire a controlling stake in Kenya’s Paramount Bank.
The approval was given on the condition that the Lagos, Nigeria headquartered lender retained current staff for at least a year.
The transaction, which was subject to conditions aimed at safeguarding employment, required Zenith Bank to retain paramount’s 78 employees for 12 months after completion.
The deal marks Zenith’s long-awaited entry into the East African economic powerhouse, positioning it to compete directly with regional heavyweights like KCB and Equity Bank.
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