French Subsidiary: Zenith Bank Plc has taken a progressive step towards establishing a strategic presence in France by signing a Memorandum of Understanding (MoU) with the French Government. The MoU, inked on Friday, November 24, 2023, by Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, and Mr. Olivier Becht, the French Minister for Trade, Attractiveness, and French Nationals Abroad, paves the way for the bank to open a subsidiary in France.
The agreement allows Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, to pursue and obtain regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) for the establishment of its subsidiary in France.
During the signing ceremony, Jim Ovia expressed his delight, stating, “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.”
He extended gratitude to the French Ambassador to Nigeria, Emmanuelle Blatmann, and the French Embassy for their efforts in strengthening French-Nigerian business relations.
French Minister Olivier Becht reciprocated the enthusiasm, stating, “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 emphasized the potential impact on French-Nigerian economic relations, expressing hope that the establishment of Zenith Bank’s branch in France would encourage more bilateral investments between the two countries.
Mr. Becht highlighted France’s pro-business agenda, detailing various reforms aimed at enhancing the country’s attractiveness to foreign investors. He stated, “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, a leader in the Nigerian financial services industry, has consistently distinguished itself through innovative products, superior customer experience, and robust financial performance. The bank’s foray into France adds to its international presence, which includes subsidiaries in Ghana, Sierra Leone, and The Gambia, along with a Representative Office in The People’s Republic of China. Zenith Bank’s commitment to excellence and digital innovation positions it as a formidable player in the global financial landscape.
