The Central Bank of Kenya announced that Zenith Bank PLC will acquire 100 percent of the shareholding of Paramount Bank Limited, following regulatory approvals under the Banking Act. The Central Bank of Kenya approved the transaction on 9 March 2026 under Section 13(4), and the Cabinet Secretary for the National Treasury and Economic Planning approved it on 16 March 2026 under Section 9. The acquisition will take effect once the parties complete the transaction in line with the terms of their agreement. Paramount Bank Limited traces its origins to Combined Finance Limited (established in 1993), became a commercial bank in 1995, merged with Universal Bank in 2000, and reverted to the name Paramount Bank Ltd in 2015; it has a bancassurance subsidiary and operates seven branches. Zenith Bank PLC, headquartered in Lagos, is listed on the Nigeria Stock Exchange and the London Stock Exchange and operates across multiple jurisdictions, including the United Kingdom and branches in France and the United Arab Emirates. Completion of the transaction is the remaining step before it becomes effective.
Central Bank of Kenya 2026-04-09
Central Bank of Kenya approves Zenith Bank PLC acquisition of 100 percent of Paramount Bank Limited
The Central Bank of Kenya has approved the acquisition of 100 percent of the shareholding of Paramount Bank Limited by Zenith Bank PLC under the Banking Act, with the Cabinet Secretary for the National Treasury and Economic Planning also granting approval. The transaction will become effective upon completion in accordance with the parties’ agreement.