Zenith Bank Plc has taken a significant step in its global expansion strategy by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France.
The MoU, signed by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht on Friday, November 24, 2023, marks a strategic move for the Nigerian financial institution.
The agreement allows Zenith Bank, through its wholly-owned subsidiary, Zenith Bank (UK) Limited, to seek and secure regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) to establish a strategic presence in France.
This development aligns with Zenith Bank’s commitment to expanding its international footprint and enhancing its global financial services.
During the signing ceremony, Jim Ovia expressed his pleasure, 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 extended gratitude to 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, also spoke during the ceremony, expressing appreciation for Zenith Bank’s decision to open a branch in Paris said: “We are thrilled to welcome in France Zenith Bank’s first office inside the European Union. For us, that’s a very good signal, and it is undoubtedly a demonstration of mutual confidence. No doubt also that your vision on international finance guided you to decide to open this branch and this decision in many respects can also be regarded as a milestone in French-Nigerian economic relations and an illustration of our friendship”. He noted that the government of President Macron had adopted a pro-business agenda in order to make France more attractive by undertaking several reforms in labour law, simplifying a lot of procedures and cutting business taxes, corporate taxes and production taxes by more than 25 billion Euros, adding that “we hope that the opening of the branch of Zenith Bank in France will also be an occasion to boost the French-Nigerian business in order to have more French companies investing in Nigeria and also to have more Nigerian companies investing in France”.
Zenith Bank has consistently set itself apart in the Nigerian financial services industry, renowned for superior service offerings, exceptional customer experiences, and robust financial indices.
The bank is a leader in the digital space, with innovative products and solutions, as well as alternative channels ensuring convenient, speedy, and secure transactions.
In addition to its presence in Nigeria, Zenith Bank has subsidiaries in Ghana (Zenith Bank Ghana Limited), Sierra Leone (Zenith Bank Sierra Leone Limited), and The Gambia (Zenith Bank Gambia Limited). The bank also maintains a Representative Office in The People’s Republic of China.