Zenith Bank Secures Full Acquisition of Paramount Bank After CBK Approval

According to the statement released by CBK today, the acquisition shall take effect upon completion of the transaction in accordance with the terms of the Agreement between the two parties.

In its announcement, CBK emphasized the positive implications of the deal for Kenya’s financial sector, noting that the transaction will ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition.

Paramount Bank’s History and Branch Network

Paramount Bank has a long history of growth and transformation. It evolved from Combined Finance Limited, a non-banking financial institution established in 1993.

“The company commenced operations as a commercial bank in 1995, later merged with Universal Bank in 2000, and changed its name to Paramount Universal Bank Ltd. In 2015, it reverted to its previous name, Paramount Bank Ltd,” the release stated

“The bank has one subsidiary, Paramount Bancassurance Intermediary Ltd, which distributes insurance products. Paramount Bank is headquartered at Sound Plaza, Westlands, and operates seven branches: four in Nairobi and one each in Mombasa, Kisumu, and Eldoret,” it added.

This network provides extensive reach and services across major Kenyan cities.

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Zenith Bank’s Regional and Global Presence

Zenith Bank PLC is headquartered in Lagos, Nigeria, and is listed on both the Nigeria Stock Exchange and the London Stock Exchange.

It ranks among the largest banks in Nigeria, operating over 450 branches across the country.

The bank has also expanded internationally, maintaining operations in various countries across West Africa, the United Kingdom, and branches in France and the United Arab Emirates.

Also Read: CBK Publishes List of Banks Offering Cheap Loans

CBK Welcomes the Acquisition

“CBK welcomes this transaction as it will ensure continued stability, enhance the resilience of the Kenyan banking sector and promote competition,” CBK stated.

The acquisition will be finalized once all regulatory and legal requirements are met, allowing Zenith Bank PLC to fully integrate Paramount Bank Ltd into its operations.

The transaction is expected to strengthen the Kenyan banking sector while leveraging Zenith Bank’s global expertise to support growth, innovation, and customer value.