Zenith Bank debunk reports of Paramount Bank acquisition

By Seun Ibiyemi

Zenith Bank Plc has dismissed reports circulating in the media suggesting it is in the process of acquiring Paramount Bank in Kenya as part of a planned expansion into the East African market.

In a statement signed by the Company Secretary, Michael Osilama Otu, and released to the Nigerian Exchange Limited (NGX), the bank’s shareholders, and the general public, Zenith Bank said the information making the rounds did not originate from the institution and was never authorized.

The bank, however, confirmed that it is exploring strategic regional expansion opportunities as part of its long-term growth agenda, including potential acquisitions within East Africa. It added that preliminary regulatory engagements had commenced to support this objective.

“Regulatory engagement has been initiated with respect to achieving the above objective, including but not limited to the acquisition of any financial institution within the East Africa region,” the statement said.

Zenith Bank assured stakeholders that if any acquisition or related transaction requiring disclosure arises, it will comply fully with all provisions of the NGX Rulebook, Securities and Exchange Commission (SEC) regulations, and other statutory requirements governing transparent and timely communication.

The bank urged investors and the public to rely solely on its official communication channels for verified information, reiterating its commitment to accuracy, reliability, and transparency.