Alleged Acquisition: Zenith Bank Drops Hint on Regional Expansion
Zenith Bank Plc says the financial services company is exploring regional expansion opportunities as part of its long-term strategic growth agenda.
The bank said this in reaction to the alleged acquisition of Paramount Bank in Kenya as part of an expansion into the East African market.
Some media outlets in Kenya reported that definitive decisions on the acquisition 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.”
Zenith Bank said 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. Presco Sets to Pay Interim Dividend amidst Rights Issue
