Zenith Bank Plc on Tuesday dismissed media reports claiming it is in talks to acquire Paramount Bank in Kenya as part of an expansion into East Africa.
In a statement, company secretary Michael Otu said the reports—some of which suggested that decisions had been made and a deal was underway—did not originate from Zenith Bank.
“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,” the statement said.
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While denying the alleged acquisition, Zenith confirmed that it is exploring regional expansion as part of its long-term growth strategy. The bank said it has begun engaging regulators on potential opportunities, including the possible acquisition of a financial institution in East Africa.
Zenith said it would comply with all disclosure rules of the NGX, the Securities and Exchange Commission and other regulators if any transaction requiring public notification arises.
The bank urged investors and the public to rely solely on its official communication channels for verified information.