Zenith Bank Hqs, Ajose Adeogun, VI, Lagos
Nigeria’s most profitable bank, Zenith Bank PLC, has secured approval from the Competition Authority of Kenya to acquire 100% of Paramount Bank Limited, a Kenya-based bank, after the regulator in Kenya found the transaction poses no competition risk in Kenya’s banking sector.
The CAK said Zenith has no existing operations in the country and the deal will not alter market concentration.
Approval is conditional on Zenith retaining all 78 Paramount employees for at least 12 months after completion.
With this news, a key regulatory hurdle for the Nigerian lender’s entry into East Africa’s biggest financial market has been cleared.
Another regulatory hurdle still remains: the deal still requires clearance from the Central Bank of Kenya (CBK) and Nigerian regulators before Zenith Bank can complete the deal and officially move into the lucrative Kenya market to start operations.
The financial structure of the deal remains undisclosed, but in 2025, Access Holdings paid $109.6 million to acquire the National Bank of Kenya (NBK) from KCB Bank Group.
In November 2025, Zenith revealed that its Kenya move was part of an ongoing expansion drive and that details would follow regulatory approvals.
An acquisition gives Zenith bank immediate access to licenses, staff, and customers in a Kenya market where starting from scratch can take years.
