Zenith Bank has refuted circulating reports it is in the process of acquiring Paramount Bank in Kenya stating no transaction of such is currently ongoing.
This was contained in a notice on the NGX on Wednesday stating “The attention of ZENITH BANK PLC (“the Bank”) has been drawn to recent
media publications and online commentary alleging that the Bank is in the process of acquiring Paramount Bank in Kenya as part of an expansion into the East African market.
“The reports further suggest that definitive decisions have been taken and that a transaction is currently underway. 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, as part of our long-term strategic growth agenda, the Bank is currently exploring various regional expansion opportunities-including within East Africa. Regulatory engagement has been initiated with respect to achieving the above objective, including but not limited to acquisition of any financial institution within the East Africa region.” it concluded.
