Zenith Bank Completes Paramount Bank Acquisition

Zenith Bank has received clearance from Kenya’s Competition Authority to acquire 100% of Paramount Bank Limited, a mid-tier Kenyan lender. The regulator approved the deal with a condition that Zenith retains all 78 Paramount Bank employees for at least 12 months after closing.

The transaction still requires additional approvals, including clearance from the Central Bank of Kenya and Nigerian regulators. Paramount Bank is described as a Tier III lender and operates bancassurance and an investment banking subsidiary.