Zenith Bank Refutes Claims of Acquiring Paramount Bank in Kenya

Zenith Bank Plc has addressed recent media reports alleging that the bank is in the process of acquiring Paramount Bank in Kenya as part of its strategy to expand into the East African market.

In an official statement released on Tuesday, Michael Otu, the company’s secretary, clarified that these reports, which imply that a transaction is already in progress, are not authorized or released by Zenith Bank.

“The reports further suggest that definitive decisions have been taken and that a transaction is currently underway,” the statement reads.

“The bank wishes to formally notify the Nigerian Exchange Limited (NGX), our esteemed shareholders, investors, and the general public that the information currently circulating in the public domain was not released or authorized by the Bank.”

However, Zenith Bank confirmed that, as part of its long-term strategic growth agenda, it is exploring regional expansion opportunities, including within East Africa.

The bank said it has begun engaging with regulators regarding the objective, which may include, among other options, the acquisition of a financial institution in the East Africa region.

“Should any transaction requiring regulatory disclosure or shareholder notification arise in the future, the Bank will comply with all applicable provisions of the NGX Rulebook, the Securities and Exchange Commission (SEC) regulations, and other statutory requirements for timely and transparent disclosure,” the statement added.

Zenith Bank reaffirmed its commitment to providing accurate, reliable, and timely information to the market and urged stakeholders to rely solely on its official communication channels for verified updates.