The Digest:
Amid swirling market speculation, Zenith Bank Plc has formally denied reports of an imminent acquisition of Kenya's Paramount Bank. In a statement to the Nigerian Exchange, the bank clarified that while regional expansion is a strategic priority, no definitive decisions have been made, revealing how corporate ambition must first navigate the rigorous channels of compliance and accurate communication.
Key Points:
- Zenith Bank dismissed media reports claiming it is acquiring Paramount Bank in Kenya.
- Company Secretary Michael Otu stated the reports were unauthorized and inaccurate.
- The bank confirmed it is exploring expansion opportunities within East Africa.
- It has begun preliminary engagements with regulators regarding this strategic objective.
- Options may include the acquisition of a financial institution in the region.
- Zenith pledged to make all required disclosures to the NGX and SEC if a deal materializes.
- The bank urged stakeholders to rely solely on its official channels for verified information.
Sources: The Cable
