Zenith Bank set to expand into France with new subsidiary
In a landmark move for Nigerian banking, Zenith Bank Plc has announced a significant expansion into the European market.
The bank has entered into a Memorandum of Understanding (MoU) with the French Government, paving the way for the establishment of a new subsidiary in France.
The agreement was formalized in a ceremony on Friday, November 24, 2023, with Jim Ovia, CFR, the Founder and Chairman of Zenith Bank Plc, and Mr. Olivier Becht, the French Minister for Trade, Attractiveness and French Nationals Abroad, both affixing their signatures to the MoU.
This strategic partnership will leverage Zenith Bank’s UK-based subsidiary, Zenith Bank (UK) Limited, as a springboard to extend its services into the French financial market.
The next step for Zenith Bank will be to obtain the necessary regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR), France’s banking regulator. The move is seen as a bold step in Zenith Bank’s efforts to increase its global footprint and provide its clientele with a more diverse range of financial services.
The establishment of a subsidiary in France is expected to enhance the bank’s operational efficiency and competitive edge in the European market.
Speaking during the signing ceremony, the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, said, “It gives me great pleasure to welcome you to Nigeria and Zenith Bank. I am indeed very delighted about the signing of this MoU with France. For me, it is an honour to do this on behalf of the bank, and we look forward to securing the licence and starting operations in early 2024.”
He thanked the French Ambassador to Nigeria, Emmanuelle Blatmann and her colleagues at the French Embassy in Nigeria for their efforts towards improving French-Nigerian business relations.
Also speaking during the ceremony, the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, said, “I want to thank you very much for your decision to open a branch of Zenith Bank in Paris. We are thrilled to welcome in France Zenith Bank’s first office inside the European Union.
“For us, that’s a very good signal, and it is undoubtedly a demonstration of mutual confidence. No doubt also that your vision on international finance guided you to decide to open this branch and this decision in many respects can also be regarded as a milestone in French-Nigerian economic relations and an illustration of our friendship.”
He noted that the government of President Macron had adopted a pro-business agenda in order to make France more attractive by undertaking several reforms in labour law, simplifying a lot of procedures and cutting business taxes, corporate taxes and production taxes by more than 25 billion Euros, adding that “we hope that the opening of the branch of Zenith Bank in France will also be an occasion to boost the French-Nigerian business in order to have more French companies investing in Nigeria and also to have more Nigerian companies investing in France.”
Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.
The bank remains a clear leader in the digital space, with several firsts in deploying innovative products and solutions and an assortment of alternative channels that ensure convenience, speed, and safety of transactions. Zenith Bank also has subsidiaries in Ghana, Zenith Bank (Ghana) Limited; Sierra Leone, Zenith Bank (Sierra Leone) Limited; The Gambia, Zenith Bank (Gambia) Limited. The Bank also has a Representative Office in The People’s Republic of China.
