As part of its broad strategy to extend its footprints across the major global financial centres and also follow its customers’ businesses, Zenith Bank Plc has opened Zenith Bank (UK), Paris Branch, with plans to establish subsidiaries in Francophone Africa starting with Ivory Coast and Cameroun.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, performed the official commissioning, which took place on Wednesday at 21 Rue de la paix, Paris.

The tier-1 lender, in a statement on Thursday, said the opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.

“The opening of this Paris branch is part of the broad strategy of the bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses. Paris branch opening underpins the need to serve our customers and bolster trade and finance relationship between our customers in France and other countries,” Zenith Bank’s Group Managing Director/Chief Executive, Dr. Adaora Umeoji, said in her welcome address at the event.

“Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20 per cent of France’s trade with sub-Saharan Africa, according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI). Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroun where we will be establishing subsidiaries very soon. This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries,” Umeoji said.

The opening of Zenith Bank (UK) Paris branch followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations.

Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France. The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.

Speaking at the ceremony on Wednesday, Finance Minister Edun said the opening of Zenith Bank in Paris was one of the dividends of building trust for Nigerian institutions around the world.

“The presence of Zenith here can only but help to engender trust of the French business community. They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitated. We are happy and we are glad that we are all here to participate in this historic occasion,” he said.

President and Chief Executive of Dangote Group, Aliko Dangote, congratulated the bank for the milestone achievement and expressed his optimism for the strategic initiative.

“I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group wouldn’t have been where we are today because there is no country that can grow without a very strong banking sector,” Dangote said.

Director General of the Treasury, France, Bertrand Dumont, said the opening of the Paris branch “is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents”.

“So, I would like to wish you the best in this endeavour, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered,” Dumont said.

The Chairman of France-Nigeria Business Council (FNBC), Aigboje Aig-Imoukhuede, narrated how 15 years earlier Jim Ovia, then as the CEO of Zenith Bank, welcomed him as CEO of Access Bank into the UK to join Zenith and other banksthat had blazed the trail in opening banking businesses in the UK.

“Fifteen years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion. Such intentional leadership, such partnership and collaboration speaks to the nature of endeavour that we at the France-Nigeria Business Council are trying to drive. So, on behalf of the French people, I simply say to Zenith – Bonne Arrivee!”

Zenith Bank, Paris is positioned as a global financial hub for strengthening trade, accelerating trade flows and facilitating connectivity between Europe and Africa. The branch will provide a wide range of services currently being offered by the UK home-office including corporate banking, trade finance and treasury services to individuals and corporate clients in France and the wider European market. The branch will also leverage the bank’s strong global network and expertise to provide tailored solutions to its clients.