Paramount Bank Acquisition: We Are Exploring Regional Expansion Opportunities-Zenith Bank
Yinka Olajoyetan, Lagos
In reaction to the alleged acquisition of Paramount Bank of Kenya, Nigeria’s Zenith Bank Plc has said that it is exploring regional expansion opportunities as part of its long-term strategic growth agenda.
Recall that some media outlets in Kenya had recently reported about the acquisition and that a transaction is currently underway.
A Zenith Bank statement said, “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.”
Zenith Bank added that if any transaction requiring regulatory disclosure or shareholder notification arises in the future, it will comply with all applicable provisions of the NGX Rulebook, the Securities and Exchange Commission regulations, and other statutory requirements for timely and transparent disclosure.
“We remain committed to providing accurate, reliable, and timely information to the market, and we encourage stakeholders to rely solely on our official communication channels for verified updates,” the bank added
