Zenith Bank Completes Full Acquisition of Kenya’s Paramount Bank in Major African Banking Deal
Nairobi, March 17, 2026 — Nigeria’s Zenith Bank has finalized its purchase of Kenya’s Paramount Bank, marking a significant expansion into East Africa’s financial sector. The deal, now approved by Kenyan regulators, grants Zenith full ownership of the Nairobi-based lender.
The Central Bank of Kenya (CBK) greenlit the transaction on March 9, followed by the National Treasury’s endorsement on March 16. The acquisition is structured under Kenya’s Banking Act and will take effect once final administrative steps are completed.
A Strategic Move for Zenith
Zenith Bank, one of Nigeria’s largest financial institutions, operates more than 450 branches across West Africa and maintains international footprints in the UK, France, and the UAE. The Paramount acquisition strengthens its push into East Africa, a region with growing financial inclusion and digital banking opportunities.
“This transaction aligns with our vision to expand our reach and deliver innovative banking solutions across Africa,” a Zenith spokesperson said.
Paramount’s Legacy and Future
Paramount Bank has a deep history in Kenya’s financial landscape. Originally founded in 1993 as Combined Finance Limited, a non-bank financial institution, it transitioned into a commercial bank in 1995. After merging with Universal Bank in 2000, it rebranded before reverting to the Paramount name in 2015.
Today, the bank runs seven branches in key Kenyan cities—Nairobi, Mombasa, Kisumu, and Eldoret—and operates a subsidiary, Paramount Bancassurance Intermediary Ltd. Its established local presence makes it an attractive entry point for Zenith’s expansion.
Regulatory Confidence in the Deal
The CBK has expressed optimism about the acquisition, stating it will bolster Kenya’s banking stability and foster healthy competition. Analysts suggest the move could also enhance financial services for Kenyan businesses and consumers by leveraging Zenith’s digital banking expertise.
“This acquisition underscores the resilience of Kenya’s banking sector and its appeal to international investors,” said a CBK representative.
What’s Next?
With regulatory approvals secured, the focus now shifts to integration. Zenith is expected to retain Paramount’s workforce while introducing its technology-driven banking solutions. Customers of both banks are unlikely to see immediate disruptions, with changes likely rolled out gradually.
The deal highlights a growing trend of cross-border banking mergers in Africa, as financial institutions seek to capitalize on regional economic growth and digital transformation.
— Reported by Nexio News
