Zenith Bank Plc opens a Paris branch as part of its global expansion strategy, with plans for subsidiaries in Ivory Coast and Cameroon.
Zenith Bank Plc has marked a significant step in its global expansion with the opening of Zenith Bank (UK), Paris Branch.
This move, which aligns with the bank’s growth strategy, is set to strengthen trade and business ties between Africa and France, starting with key markets in Francophone Africa, including Cameroon and Ivory Coast.
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The official opening of the new Paris branch took place on Thursday at 21 Rue de la Paix, Paris, and was attended by high-profile dignitaries, including Nigeria’s Minister of Finance, Mr. Wale Edun.
This milestone is a crucial part of Zenith Bank’s strategy to extend its presence across major global financial hubs and offer enhanced services to clients in the European region.
In a statement delivered during the ceremony, Adaora Umeoji, Group Managing Director/CEO of Zenith Bank, outlined the rationale behind the move.
She emphasised that the Paris branch is a strategic initiative designed to serve the bank’s customers and enhance trade and financial relationships between France and other regions.
Umeoji also highlighted that Nigeria is a key player in France’s trade with Sub-Saharan Africa, accounting for 20% of the trade, according to the Franco-Nigeria Chamber of Commerce and Industry.
“The opening of this Paris branch is part of our broader strategy to establish a stronger presence in global financial centres.
It reflects our commitment to supporting our customers’ businesses,” Umeoji said.
Zenith Bank’s expansion into Paris marks the beginning of its efforts to establish a more significant presence in Francophone Africa, starting with the Ivory Coast and Cameroon.
The bank aims to leverage its new Paris operations to facilitate increased business and trade flows between Africa and France, which has long been a major partner for several African nations.
Wale Edun, Nigeria’s Minister of Finance, expressed optimism about the expansion, noting that Zenith Bank’s presence in Paris will help foster trust and open up opportunities for greater business collaboration between France and Africa.
He said, “The opening of Zenith Bank in Paris is a testament to the strength and potential of Nigerian institutions and their ability to facilitate growth across the continent.”
Prominent business figures also lauded Zenith Bank’s achievement.
Aliko Dangote, President of Dangote Group, congratulated the bank on its historic milestone, emphasising that Nigerian banks like Zenith are crucial to the success of large African businesses.
Bertrand Dumont, Director General of the Treasury in France, also welcomed the development, highlighting its importance for business relations between the two countries.
The event was further graced by several influential figures, including state governors and business leaders from Nigeria, as well as representatives from major companies.
Aigboje Aig-Imoukhuede, Chairman of the France-Nigeria Business Council, reflected on the significance of Zenith Bank’s entry into Paris, recalling the trailblazing steps taken by Nigerian banks in the UK 15 years ago.
Zenith Bank’s Paris branch is just the beginning of an ambitious expansion plan. With subsidiaries set to open in Cameroon and Ivory Coast soon, the bank is positioning itself as a leader in both Anglophone and Francophone African markets.
As the bank continues to grow its international footprint, its efforts to enhance trade between Africa and Europe are expected to have a lasting impact on business flows and partnerships across the two continents.
The opening of Zenith Bank (UK), Paris Branch, represents a landmark achievement for the bank and highlights its commitment to facilitating economic growth and development in Africa and beyond.
