Zenith Bank Plc has dismissed circulating reports suggesting it is in the middle of acquiring Paramount Bank in Kenya as part of an alleged expansion drive into East Africa.
Gatekeepers News reports that in a statement on Tuesday, the company secretary, Michael Otu, clarified that the publications claiming a deal was already in progress did not originate from Zenith Bank and were never approved by the institution.
The statement reads, “The reports further suggest that definitive decisions 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.”
While dismissing the acquisition reports, the bank noted that East Africa remains part of its broader long-term expansion strategy.
According to the statement, Zenith Bank has only initiated preliminary engagements with relevant regulators as it evaluates regional growth possibilities, which could include acquiring a financial institution in the area.
The bank emphasised that any future development requiring public disclosure will be handled in strict compliance with NGX Rulebook, Securities and Exchange Commission (SEC) regulations, and all other legal obligations.
The statement added, “Should any transaction requiring regulatory disclosure or shareholder notification arise in the future, the Bank will comply with all applicable provisions of the NGX Rulebook, the Securities and Exchange Commission (SEC) regulations, and other statutory requirements for timely and transparent disclosure.”
Zenith Bank 1reiterated its commitment to transparency and urged the public, shareholders, and investors to depend exclusively on its official communication channels for credible information.
