Bank Owned by Nigerian Billionaire Jim Ovia to Establish Subsidiary in France
- Zenith Bank has signed a Memorandum of Understanding with the French Government to own a subsidiary in the country
- The MoU was signed on Friday, November 24, 2023, between the French government and the bank
- Zenith Bank’s Chairman, Jim Ovia, expressed gratitude to the French government for allowing the bank to own a subsidiary in the country
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
One of Nigeria’s most capitalized banks, Zenith Bank Plc, has signed a Memorandum of Understanding (MoU) with the French Government to open a subsidiary in France.
According to Zenith Bank Chairman Jim Ovia, the French Minister for Trade, Attractiveness, and French Nationals, Olivier Becht, completed the MoU on Friday, November 24, 2023.
Source: Facebook
Ovia is elated over the deal
A statement said the strategic move allows Zenith Bank, via its wholly-owned UK subsidiary, Zenith Bank (UK) Limited, to pursue regulatory approval from the Autorite’ de Controle Prudentiel et de Résolution (ACPR) for the establishment of a presence in France.
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Ovia 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 license and starting operations in early 2024.”
The signing ceremony took place at Zenith Bank’s headquarters in Nigeria.
He thanked the French Ambassador to Nigeria, Emmanuelle Blatmann, and her colleagues at the French Embassy for promoting improved French-Nigerian business relations.
He thanked the French Ambassador to Nigeria, Emmanuelle Blatmann, and her colleagues at the French Embassy for fostering improved French-Nigerian business relations.
Becht thanked Zenith Bank’s determination to establish a branch in Paris.
Zenith Bank to own the first branch in the EU
The French official highlighted the importance of the bank’s first office in the European Union, describing the move as a demonstration of confidence and a landmark in French-Nigerian economic relations.
Punch reports that Becht acknowledged President Macron’s pro-business agenda, emphasizing France’s commitment to enhancing the attractiveness of foreign investments through various reforms.
He said:
“We hope that the opening of the branch of Zenith Bank in France will be an occasion to boost French-Nigerian business, encouraging more French companies to invest in Nigeria and vice versa.”
"We Are Proud": Access Bank Continues Global Expansion, Opens New Branch in France, CEO sets targets
Legit.ng reported that Access Bank's parent company, Access Holdings, has officially opened a new subsidiary in France.
The new branch in Paris, the French capital, is part of the bank's ongoing global expansion plans.
According to a statement released by Access Bank, the branch's operations would focus on trade finance, initially capitalizing on flows between Africa and France, particularly Francophone Africa.
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Source: Legit.ng
