Nigeria’s multinational financial service provider, Zenith Bank, has formalized an agreement with the French Government to set up a subsidiary in France through the signing of a Memorandum of Understanding (MoU).
The MoU was signed by Zenith Bank founder and Chairman Jim Ovia and the French Minister for Trade, Attractiveness, and French Nationals Abroad, Mr. Olivier Becht on Friday, November 24, 2023.
This strategic move will enable Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, to seek and secure the requisite regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) to establish a strategic presence in France.
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Speaking during the signing ceremony Zenith Bank founder Jim Ovia said that with the signing of the Memorandum of Understanding, the bank will be looking forward to securing a license and commence operations in the first half of 2024.
In his words,
“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 honor to do this on behalf of the bank, and we look forward to securing the license and starting operations in early 2024″
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 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 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”.
Zenith Bank’s signing of an MoU with the French government will see the bank exponentially expand its operations beyond Africa, with the recent endorsement of a strategic presence in France.
It also seeks to maintain its position as a leading service provider in Nigeria while expanding operations internationally in West Africa and the financial capitals of the world, replicating its leading formula for success.
This move will no doubt position Zenith Bank as a leader and notable player in the banking sector, as it deepens its presence across the globe. The Nigerian multinational financial service provider currently has a presence in China, the UK, The Gambia, Ghana, Sierra Leone, and the UAE.
Zenith Bank’s overall vision is to make it a reputable international financial services network recognized for innovation, superior Customer Services, and performance while creating premium value for all stakeholders.