Zenith Bank officially commissions Paris branch
by Ganiyu Mubarak · The Eagle OnlineZenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch.
The official commissioning of the branch took place on Wednesday, November 27, 2024 at 21 Rue de la paix, Paris, France.
It was performed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The opening of Zenith Bank, Paris, a Third-Country Branch 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.
Dignitaries at the ceremony includes Governor, Kwara State and Chairman, Nigeria Governors’ Forum, AbdulRahman AbdulRazaq; Governor, Lagos State, Babajide Sanwo-olu; Governor, Ogun State,Adedapo Abiodun; Governor, Enugu State, Dr. Peter Mbah; Minister of State for Finance, Dr. Doris Uzoka-Anite; Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission, Aisha Rimi; and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Nonye Ayeni.
The event highlighted the bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe.
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In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Dame Adaora Umeoji, thanked the Founder and Chairman, Dr. Jim ovia, for his inspiration and vision in setting up an award-winning and record-breaking brand.
Dr. Umeoji 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 relationships between our customers in France and other countries.
“Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20 percent of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry.
“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.”
Speaking at the ceremony, 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 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.”
Director General of the Treasury, France, Bertrand Dumont, commented: “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, Aigboje Aig-Imoukhuede, said: “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 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!”
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, 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 with the French Government to establish a subsidiary in France.
The MoU was signed in Lagos by Ovia and the French Minister for Trade, Attractiveness and French Nationals Abroad, Olivier Becht, during the French envoy’s visit to Nigeria.
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.
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