Nigeria: Zenith Bank Signs MoU with French Government to Establish Subsidiary in France

Zenith Bank Plc has entered into a memorandum of understanding (MoU) with the French government to establish a subsidiary in France. The Founder and Chairman of Zenith Bank Plc, Jim Ovia, signed the MoU with the French Minister for Trade, Attractiveness, and French Nationals Abroad, Mr. Olivier Becht.

The agreement allows Zenith Bank, through its wholly-owned subsidiary, Zenith Bank (UK) Limited, to seek regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) to establish a strategic presence in France.

Jim Ovia expressed his delight during the signing ceremony, stating, “It gives me great pleasure to welcome you to Nigeria and Zenith Bank. I am indeed very delighted about the signing of this MoU with France. For me, it is an honour to do this on behalf of the bank, and we look forward to securing the licence and starting operations in early 2024.”

He thanked the French Ambassador to Nigeria, Emmanuelle Blatmann, and her colleagues at the French Embassy for their efforts in improving French-Nigerian business relations.

The French Minister for Trade, Attractiveness, and French Nationals Abroad, Mr. Olivier Becht, expressed his gratitude for Zenith Bank’s decision to open a branch in Paris, noting that it was a significant signal of mutual confidence and a milestone in French-Nigerian economic relations.

Zenith Bank has been a leader in the Nigerian financial services industry, known for its superior service offerings, unique customer experience, and sound financial performance. The bank has also made strides in the digital space, introducing innovative products and solutions. It has subsidiaries in Ghana, Sierra Leone, and The Gambia, as well as a Representative Office in China.