Zenith Bank Plc has opened its branch in Paris, France as a strategy initiative to have global presence.
The official commissioning of the branch at 21 Rue de la paix, Paris, was performed by the minister of finance and coordinating minister of the economy, Mr. Wale Edun.
The bank said in a statement that opening of the Zenith Bank “represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.
“It highlights Zenith Bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe,” the statement said.
In her welcome address, the group managing director/chief executive of Zenith Bank, Dr Adaora Umeoji, highlighted the rationale for the bank’s strategic move to Paris.
“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% 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,” she said.
In his remarks, Edun said one of the dividends of building trust for Nigerian institutions around the world is the opening of Zenith Bank in Paris.
“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.”
The president and chief executive of Dangote Group, Mr Aliko Dangote, congratulated the bank on the “milestone achievement.”
“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,” Dangote declared.
For his part, the French director general of the treasury, Mr Bertrand Dumont, said: “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.”
Also speaking, the chairman, France-Nigeria Business Council (FNBC), Mr. Aigboje Aig-Imoukhuede, remarked: “Fifteen 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.
“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 endeavor 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!”
The other dignitaries at the ceremony included the governor of Kwara State Mr AbdulRahman AbdulRazaq; governor of Lagos State, Mr. Babajide Sanwo-Olu; governor of Ogun State, Mr Adedapo Abiodun, governor of Enugu State, Dr. Peter Mbah; chairman, BUA Group, Mr Abdulsamad Rabiu, minister of state for finance, Dr. Doris Uzoka-Anite; chief executive officer/executive secretary, Nigerian Investment Promotion Commission (NIPC), Ms Aisha Rimi and executive director/chief executive officer, Nigerian Export Promotion Council (NEPC) Nonye Ayeni.
The opening of the branch followed the granting of the final approval by France’s banking regulator, the Autorité de ContrôlePrudentiel 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.
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.
