Nairobi — Nigeria’s Zenith Bank Plc has completed the acquisition of 100 percent shareholding in Paramount Bank Limited, following regulatory approvals from Kenya’s Central Bank and National Treasury.
The Central Bank of Kenya approved the transaction on March 9, 2026, under the Banking Act, with further approval granted by the National Treasury on March 16. The takeover will take effect upon completion of the transaction in line with the agreement between the two parties.
Paramount Bank traces its roots to Combined Finance Limited, a non-banking financial institution established in 1993, before transitioning into a commercial bank in 1995. It later merged with Universal Bank in 2000 and rebranded, eventually reverting to Paramount Bank Limited in 2015.
The bank operates seven branches across Kenya, including four in Nairobi and others in Mombasa, Kisumu, and Eldoret, and has a subsidiary, Paramount Bancassurance Intermediary Ltd.
Zenith Bank, headquartered in Lagos and listed on both the Nigerian and London stock exchanges, operates over 450 branches and has a presence across West Africa, the United Kingdom, France, and the United Arab Emirates.
The Central Bank of Kenya said the acquisition is expected to strengthen the stability and resilience of Kenya’s banking sector while enhancing competition.
