Zenith Bank Launches New Branch in France as Access Completes Acquisition of 2 Banks Abroad
- Zenith Bank has launched a new branch in Paris, France, as part of its global expansion plans
- The bank had announced that the commissioning of the Paris branch followed approval from French financial regulators
- Meanwhile, Access Holdings Plc revealed that it has completed the acquisition of Standard Chartered Bank Angola and Sierra Leone
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Zenith Bank Plc has launched a new branch in Paris, France.
The bank announced the commissioning of its Paris branch on Wednesday, November 28, 2024, saying that the Minister of Finance, Wale Edun, performed the commissioning ceremony.
Source: UGC
Zenith Bank pushes for global expansion
Zenith Bank, Paris is a subsidiary of Zenith Bank UK Limited, a subsidiary of Zenith Bank Plc.
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The tier-1 bank in Nigeria disclosed that the commissioning is a critical milestone in its global growth plan and shows its commitment to servicing customers in the European region.
The bank disclosed in a statement that the branch opening came amid the final approval by France’s Autorite de Controle Prudentiel et de Resolution (ACPR) in September this year.
According to reports, Zenith Bank had signed a Memorandum of Understanding (MoU) with the French authorities to establish a subsidiary in France.
Access Bank acquires banks in two countries
The development came as Access Holdings Plc revealed that it has completed the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
The deal was achieved through its flagship subsidiary, Access Bank Plc.
Access Bank disclosed this in a statement shared on the Nigerian Exchange (NGX) signed by Sunday Ekwochi, the company secretary.
In addition to these completed acquisitions, the company disclosed ongoing efforts to finalise deals with Standard Chartered Banks in more countries.
Access Bank leads 11 banks with the highest staff salaries
Legit.ng earlier reported that an analysis of financial statements of quoted Nigerian banks shows that between January and September 2024, about 11 banks spent a whopping N1.08 trillion on wages and salaries, representing 91% yearly growth from N564.7 billion by the banks relative to the same period in 2023.
The development comes amid massive earnings by the banks in the first three quarters of 2024.
Access Holdings Plc incurred a salary cost of N268 billion during the review period, a 140% yearly growth from N111.8 billion in the same period in 2023.
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Source: Legit.ng
