Nigeria's Zenith Bank has completed the acquisition of all issued share capital of Paramount Bank Kenya, the lender confirmed in a statement on 7 April 2026. The deal establishes Zenith Bank's first direct operational presence in East Africa. Zenith described the acquisition as a key advancement in its long-term growth objective and in consolidating its status as a major player in the banking sector in sub-Saharan Africa.
Regulatory approvals for the transaction were received from both Nigerian and Kenyan authorities. The transaction was approved by the Central Bank of Kenya on 9 March 2026 and by Kenya's National Treasury on 16 March, after clearance by the Competition Authority of Kenya in January. Zenith Bank said in its statement that it had received all requisite regulatory approvals in Kenya and Nigeria.
FOURTH NIGERIAN LENDER IN KENYA
Zenith becomes the fourth Nigerian bank licensed in Kenya, alongside United Bank for Africa, Guaranty Trust Bank and Access Bank.
Paramount Bank, which traces its roots to Combined Finance Limited, founded in 1993, and became a commercial bank in 1995, had total assets of KSh17.11 billion, customer deposits of KSh13.35 billion and a net loan book of KSh8.79 billion at 31 December 2025, and reported a 2025 profit after tax of KSh370.32 million. The deal covers Paramount's entire issued share capital, including its subsidiaries PB Capital and Paramount Bancassurance.
CONDITIONS AND TERMS
The Competition Authority of Kenya cleared the deal on condition that all 78 Paramount employees are retained for at least 12 months after completion.
Neither party disclosed the acquisition price.
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