Nigeria's Zenith Bank PLC has secured approval from the Competition Authority of Kenya to acquire 100% of Paramount Bank Limited, after the regulator found the transaction poses no competition risk in Kenya’s banking sector.
CAK said Zenith has no existing operations in the country and the deal will not alter market concentration.
Approval is conditional on Zenith retaining all 78 Paramount employees for at least 12 months after completion.
Inside Kenya’s Banking Mergers & Acquisitions, 1989 - 2026:
2026: 🇿🇦 Nedbank ➔ NCBA (66%, proposed)
2026: 🇳🇬 Zenith ➔ Paramount (100%, proposed)
2025: 🇳🇬 Access ➔ NBK (100%)
2025: 🇦🇪 Soren ➔ Gulf African (control)
2023: Equity ➔ Spire (A&L transfer)
2023: 🇸🇴 Premier ➔ First Community (62.5%)
2023: Shorecap III ➔ Credit Bank (51%)
2022: KCB ➔ 🇨🇩 TMB (85%)
2021: KCB ➔ 🇷🇼 BPR (76%)
2021: I&M ➔ 🇺🇬 Orient Bank (90%)
2020: Equity ➔ 🇨🇩 BCDC (66.5%)
2020: Co-op ➔ Jamii Bora, now Kingdom (90%)
2020: 🇪🇬 CIB ➔ Mayfair (51%)
2020: 🇳🇬 Access ➔ Transnational (100%)
2019: KCB ➔ NBK (100%)
2019: NIC ∞ CBA, formed NCBA
2018: 🇲🇺 SBM ➔ Chase (75% A&L)
2017: DTB ➔ Habib Kenya (100%)
2017: 🇲🇺 SBM ➔ Fidelity (100%)
2017: I&M ➔ Giro (100%)
2015: Equity ➔ 🇨🇩 ProCredit Congo (79%)
2014: Mwalimu Sacco ➔ Equatorial, later Spire (75%)
2014: Centum ➔ K-Rep, now Sidian (71%)
2013: 🇳🇬 GTBank ➔ Fina (70%)
2012: I&M ➔ 🇷🇼 BCR (80%)
2010: Jamii Bora ➔ City Finance (licence takeover)
2010: KCB ➔ S&L Kenya (affiliate)
2008: 🇹🇬 Ecobank ➔ EABS (75%)
2008: Equity ➔ 🇺🇬 Uganda Microfinance
2007: CfC ∞ Stanbic, formed CfC Stanbic
2005: CBA ➔ First American
2005: EABS ∞ Akiba, formed EABS
2004: BOA ➔ Indosuez Kenya
2002: I&M ➔ Biashara
2001: 🇺🇸 Citi ➔ ABN AMRO Kenya
2001: KCB ➔ KCF (affiliate)
2000: Dubai Bank ➔ Mashreq Kenya
2000: Paramount ∞ Universal
1999: DTB ➔ Premier Finance
1999: Guardian ➔ Guilders
1999: 🇨🇭 Habib AG ➔ Habib Kenya
1999: Barclays ➔ Barclays Finance
1999: StanChart ➔ StanChart Finance
1999: NBK ➔ KNCC
1998: Giro ∞ Commerce
1998: Guardian ➔ First National Finance
1997: NIC ➔ African Mercantile
1997: Trust ➔ Trust Finance
1996: Stanbic ➔ Stanbic Finance
1996: CBA ➔ CBA Finance
1996: Delphis ➔ Delphis Finance
1996: Ambank ➔ Mercantile Finance
1995: First American ➔ First American Finance
1995: 🇮🇳 Bank of India ➔ BOI Finance
1994: Indosuez ➔ Indosuez Finance
1994: Transnational ➔ Transnational Finance
1994: 🇮🇳 Bank of Baroda ➔ Baroda Finance
1989: GoK ➔ 9 failed banks, formed Consolidated Bank
- Kenyan Wall Street