Zenith Bank Plc stated that plans are underway to expand its operations into the East African market, refuting recent media reports that it is in the process of acquiring Paramount Bank in Kenya.
It hinted at this in a statement on Tuesday, November 18, by its Company Secretary, Michael Otu.
Some media reports suggested that Zenith Bank had taken definitive decisions and that the transaction to acquire the Paramount Bank was already underway.
It stated: “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 authorised by the Bank.”
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It, however, confirmed that, as part of its long-term strategic growth agenda, the bank is exploring regional expansion opportunities, including within East Africa.
The bank said it has begun engaging with regulators regarding its plans, including, but not limited to, the acquisition of any financial institution in the East African region.
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“Should any transaction requiring regulatory disclosure or shareholder notification arise in the future, the Bank will comply with all applicable provisions of the NGX Rulebook, the Securities and Exchange Commission (SEC) regulations, and other statutory requirements for timely and transparent disclosure,” Zenith Bank stated.
Reaffirming its commitment to providing accurate, reliable, and timely information to the market, the bank urged stakeholders to rely solely on its official communication channels for verified updates.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
