The minister of finance and coordinating minister of the Economy, Wale Edun has commended the latest addition to the Zenith Bank Plc footprint with the opening of the Paris branch.
Zenith Bank, in expanding its global footprint, had, this week, commissioned the Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc.
According to the bank, the commissioning represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.
Speaking at the commissioning, Edun said: “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris. The presence of Zenith here can only 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.”
In her welcome address, the group managing director and chief executive of Zenith Bank, Dr. Adaora Umeoji, appreciated the founder & chairman, Dr. Jim Ovia, for his inspiration and vision in setting up an award-winning and record-breaking brand. She also highlighted the rationale for the bank’s strategic move to Paris.
According to her, “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 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 Cameroon 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.”
President and chief executive of Dangote Group, Aliko Dangote, congratulated the bank for the milestone achievement. Expressing his optimism for this strategic initiative, he said: “I really want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris. 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.”
Director general of the Treasury, France, Bertrand Dumont, commented that, “This 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 endeavor, 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.”
The chairman, France-Nigeria Business Council (FNBC), Aigboje Aig-Imoukhuede, in his remarks said: “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO, Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK. 15 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 endeavor that we at the France-Nigeria Business Council are trying to drive.”
The opening of Zenith Bank, Paris 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, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Olivier Becht during the French envoy’s visit to Nigeria.
