Zenith Bank opens Paris branch to boost cross-border trade

Zenith Bank Plc has announced the inauguration of its services in Paris, France.

According to a statement on Friday, the inauguration ceremony was performed by Wale Edun, minister of finance and coordinating minister of the economy, on November 27.

The event took place on the sidelines of President Bola Tinubu’s state visit to France, the bank said.

“The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) 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,” the statement reads.

Speaking at the event, Edun said the opening of the Paris branch, “is one of the dividends of building trust for Nigerian institutions around the world”.

“The presence of Zenith here can only 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,” the minister said.

“We are happy and we are glad that we are all here to participate in this historic occasion.”

Speaking on the development, Adaora Umeoji, group managing director and chief executive officer (CEO) at Zenith Bank, said the milestone is part of the bank’s strategic move for expansion.

“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,” Umeoji said.

“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% of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) having successfully dominated large parts of Anglophone Africa.

On his part, Bertrand Dumont, director-general of the treasury in France, said the bank’s establishment in Paris, “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 endeavour, 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,” Dumont said.

Aliko Dangote, chairman of Dangote Group, also congratulated the bank on the milestone.

He said the strategic move would result in more growth and a stronger banking sector.