Zenith Bank opens Paris branch to boost expansion into Francophone Africa

Oluwatosin Racheal Alabi -

Key Points

  • Zenith Bank opens a Paris branch, commencing a major milestone in its global expansion.
  • The bank plans to establish subsidiaries in Cameroon and Ivory Coast.
  • Zenith Bank's move strengthens trade relations between Sub-Saharan Africa and France.

Zenith Bank Plc, led by Nigerian banking magnate Jim Ovia, has officially opened a new branch in Paris, marking a significant milestone in its ongoing global expansion strategy. This move signals the bank's commitment to deepening its presence in Europe and tapping into the Francophone African market.

Zenith Bank’s Paris move enhances trade relations between Africa and France

The Zenith Bank (UK) Paris Branch, which opened on November 28, 2024, at 21 Rue de la Paix, is a Third-Country Branch of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc. The grand opening ceremony was attended by high-profile dignitaries, including Nigeria's finance minister, Wale Edun, who highlighted the strategic importance of this expansion for strengthening business ties between France and Sub-Saharan Africa, particularly Nigeria.

Adaora Umeoji, Zenith Bank’s group CEO, emphasized that the Paris branch is part of a broader plan to expand the bank’s footprint across global financial centers, enhancing support for trade and finance between France and Sub-Saharan Africa. This expansion follows the bank's impressive performance in Q3 2024, where it nearly doubled its profits to $604.3 million, driven by robust interest income and strategic investments.

The Paris branch is particularly strategic as France remains a key business partner for many African countries, with Nigeria accounting for 20 percent of France’s trade with Sub-Saharan Africa. Umeoji also announced plans to establish Zenith Bank subsidiaries in Cameroon and Ivory Coast to further facilitate business and trade between Africa and France.

Zenith Bank’s Paris opening symbolizes intentional leadership and expansion

Zenith Bank’s entry into Paris is seen as a significant achievement in the internationalization of Nigerian banking. The chairman of the France-Nigeria Business Council, Aigboje Aig-Imoukhuede, praised Zenith’s leadership, recalling how Jim Ovia spearheaded the bank’s expansion into the UK 15 years ago. “Now, we proudly witness Zenith Bank’s entry into Paris," Aig-Imoukhuede said, describing the move as a demonstration of “intentional leadership and partnership for the benefit of all.”

Business figures such as Aliko Dangote, president of Dangote Group, congratulated Zenith Bank for its pivotal role in supporting businesses across Africa. Other dignitaries, including Bertrand Dumont, Director-General of the Treasury, France, also lauded the bank’s expansion as an important step in enhancing trade relations between Africa and France.

Zenith Bank's new Paris branch is not only a testament to the bank’s growing global influence but also to the vital role Nigerian institutions play in fostering economic collaboration between Africa and Europe.