Zenith Bank Plc has signed an agreement with the French Government to establish a subsidiary of Zenith Bank Plc in France. The MoU, signed on Friday, November 24, 2023, 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, will allow Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, to seek and secure the necessary regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR).
Speaking during the signing ceremony, the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, said, “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 thanked the French Ambassador to Nigeria, Emmanuelle Blatmann and her colleagues at the French Embassy in Nigeria for their efforts towards improving French-Nigerian business relations.
Also speaking during the ceremony, the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, said: “I want to thank you very much for your decision to open a branch of Zenith Bank in Paris. 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 distinguished itself in the Nigerian financial services industry by providing exceptional service offerings, a unique client experience, and strong financial metrics. The bank remains a clear pioneer in the digital space, with multiple firsts in delivering innovative products and solutions, as well as a variety of alternative channels that assure transaction simplicity, speed, and security. Zenith Bank also has subsidiaries in Ghana, Zenith Bank (Ghana), Sierra Leone, Zenith Bank (Sierra Leone), and The Gambia, Zenith Bank (Gambia). The bank also has a branch in the People’s Republic of China.
