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Nairobi \u2014 Nigeria’s Zenith Bank Plc has completed the acquisition of 100 percent shareholding in Paramount Bank Limited, following regulatory approvals.<\/em><\/p>\n The Central Bank of Kenya approved the transaction on March 9, 2026, under the Banking Act, with further approval granted by the National Treasury on March 16.<\/p>\n The takeover will take effect upon completion of the transaction in line with the agreement between the two parties.<\/p>\n Paramount Bank traces its roots to Combined Finance Limited, a non-banking financial institution established in 1993, before transitioning into a commercial bank in 1995. It later merged with Universal Bank in 2000 and rebranded, eventually reverting to Paramount Bank Limited in 2015.<\/p>\n The bank operates seven branches across Kenya, including four in Nairobi and others in Mombasa, Kisumu, and Eldoret, and has a subsidiary, Paramount Bancassurance Intermediary Ltd.<\/p>\n Zenith Bank, headquartered in Lagos and listed on both the Nigerian and London stock exchanges, operates over 450 branches and has a presence across West Africa, the United Kingdom, France, and the United Arab Emirates.<\/p>\n CBK said the acquisition is expected to strengthen the stability and resilience of Kenya’s banking sector while enhancing competition.<\/p>\n <\/p>\n<\/div>\n