Nigerian lender Zenith Bank has recognised total purchase consideration of N36.733 billion for its acquisition of all shares in Kenya’s Paramount Bank, completed on 11 May 2026. The amount and payment structure appear in the group’s half-year financial statements filed with the Nigerian Exchange in October, providing a clearer picture of its expansion into East Africa.
The consideration comprises N10.299 billion initially paid in cash and N26.434 billion representing the fair value of deferred payments due to the former shareholders. The deferred component accounts for most of the deal’s recognised value, according to the business-combination note in Zenith Bank’s accounts.
At 30 June, Zenith provisionally valued Paramount Bank’s identifiable net assets at N39.024 billion, above the purchase consideration. The difference led the group to record an initial N2.291 billion bargain-purchase gain. Zenith said it would refine the purchase-price allocation as the valuation of the acquired assets and liabilities is finalised under the relevant accounting rules.
Extending the group’s East African footprint
From the 11 May acquisition date to the 30 June reporting date, Paramount Bank contributed N3.006 billion to Zenith’s consolidated revenue and N575 million to its profit. The takeover followed regulatory approvals in Kenya and Nigeria and gave the group control of a lender with seven Kenyan branches, including four in Nairobi.
The deal adds a direct presence in Kenya to Zenith Bank’s African network. The group also began banking operations in Côte d’Ivoire in April 2026, extending its reach across West and East African markets.