Zenith Bank Plc has marked a significant milestone in its international expansion strategy with the official commissioning of Zenith Bank (UK), Paris Branch.
The event, held on November 27, 2024, at 21 Rue de la Paix, Paris, France, showcased the bank’s growing global footprint and its commitment to facilitating trade and financial connectivity between Europe and Africa.
The ceremony was led by Nigeria’s Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who emphasized the importance of trust in bolstering Nigeria’s financial institutions abroad.
The Paris branch, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, underscores the bank’s ambition to serve clients across Europe and deepen trade ties between Nigeria and France.
Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank, highlighted the strategic importance of the Paris branch in her welcome address.
“Our Paris branch marks a pivotal step in our journey to extend Zenith Bank’s influence across major global financial hubs. France is a key trading partner with Nigeria, accounting for 20% of its trade with Sub-Saharan Africa, according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI).
This new branch will strengthen trade flows and bolster economic relationships between our clients in France and across Africa,” Dr. Umeoji stated.
She further revealed plans to leverage the Paris branch to enter Francophone markets like Côte d’Ivoire and Cameroon, positioning Zenith Bank as a leader in connecting Anglophone and Francophone Africa.
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The event drew an array of distinguished guests, including Nigerian state governors, corporate leaders, and international officials. Among them were Lagos State Governor Babajide Sanwo-Olu, Ogun State Governor Adedapo Abiodun, Enugu State Governor Peter Mbah, and Kwara State Governor AbdulRahman AbdulRazaq. Chairman of BUA Group, Abdul Samad Rabiu, and Alhaji Aliko Dangote, President of Dangote Group, also attended, lauding Zenith Bank’s role in driving economic growth.
“This achievement demonstrates the pivotal role a strong banking sector plays in fostering business growth,” Dangote said, emphasizing the critical support Nigerian banks provide to the country’s industrial and economic success.
Bertrand Dumont, Director General of the Treasury in France, praised the initiative, calling it a “crucial asset” for enhancing business relationships between Europe and Africa.
Similarly, Mr. Aigboje Aig-Imoukhuede, Chairman of the France-Nigeria Business Council, congratulated Zenith Bank for this historic achievement, describing it as a testament to intentional leadership and collaboration.
The Paris branch opening followed final regulatory approval from France’s banking authority, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024.
This approval marked the culmination of years of strategic planning, including the signing of a Memorandum of Understanding (MoU) in November 2023 between Zenith Bank and the French government to strengthen ties.
The Paris branch is positioned to serve as a global financial hub, offering services such as corporate banking, trade finance, and treasury solutions to clients in France and the broader European market.
By leveraging its extensive global network, Zenith Bank aims to provide tailored solutions that foster connectivity and facilitate trade between Europe and Africa.
Financial analysts have lauded the move as a bold step toward enhancing Nigeria’s banking presence globally.
“Zenith Bank’s Paris expansion not only reinforces its international credibility but also opens up opportunities for African businesses to access European markets more seamlessly,” said Dr. Francis Olumide, an economist.
With the Paris branch now operational, Zenith Bank continues to cement its reputation as a trailblazer in Africa’s banking sector, setting a new benchmark for global integration and economic partnership.