Zenith Bank Plc has expanded its global footprint with the opening of Zenith Bank (UK), Paris Branch, as it announced plans to open subsidiaries in Francophone Africa, starting with Cameroon and Ivory Coast.
According to the lender in a statement on Thursday, the official commissioning which took place at 21 Rue de la Paix, Paris, France was performed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
The bank said that the opening of Zenith Bank, Paris, a Third-Country Branch 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.
In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Adaora Umeoji, highlighted the rationale for the bank’s strategic move to Paris, saying, “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.
“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 per cent of France’s trade with Sub-saharan Africa, according to the Franco-Nigeria Chamber of Commerce and Industry.
“Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroon where we will be establishing subsidiaries very soon.
This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.”
In his comments, Edun said, “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris. The presence of Zenith here can only help to engender trust in the French business community. They can learn about the opportunities in Africa, and of course, entry into Nigeria can be facilitated. We are happy and we are glad that we are all here to participate in this historic occasion.”
President and Chief Executive of Dangote Group, Aliko Dangote, congratulated the bank for the milestone achievement. Expressing his optimism for this strategic initiative, he said, “I want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris. I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group, wouldn’t have been where we are today because no country can grow without a very strong banking sector.”
Director General of the Treasury, France, Bertrand Dumont, adding his voice lauded the development, “This 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 endeavor, 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.”
The Chairman, France-Nigeria Business Council, Mr. Aigboje Aig-Imoukhuede, during his remark, said, “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO of Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK. 15 years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion. Such intentional leadership, such partnership, and collaboration.”
Dignitaries at the ceremony include the Governor of Kwara State and Chairman of Nigeria Governors’ Forum, AbdulRahman AbdulRazaq; Governor of Lagos State, Mr Babajide Sanwo-olu; Governor of Ogun State, Adedapo Abiodun, CON; Governor, Enugu State, Dr Peter Mbah; Chairman, BUA Group, Abdul Samad Rabiu; Minister of State for Finance, Dr Doris Uzoka-Anite; Chief Executive Officer Executive Secretary, Nigerian Investment Promotion Commission, Aisha Rimi and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Nonye Ayeni.