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Zenith Bank Makes Its Mark in Europe, Set to Open Branch in France

Zenith Bank Makes Its Mark in Europe, Set to Open Branch in France 

Zenith Bank, a prominent financial institution in Nigeria, is gearing up to make a splash in France, one of Europe’s largest markets, with plans to open a branch there.

According to The Punch, a Nigerian newspaper, Zenith Bank recently inked a Memorandum of Understanding (MOU) with the French government, enabling it to establish a subsidiary in the northwest of Europe.

The French Minister for Trade, Attractiveness, and French Nationals Abroad, Mr. Olivier Becht, was present to sign the agreement on behalf of the French government, while Jim Ovia, CFR, the bank’s founder and Chairman, represented the bank in the signing. The signing happened at Zenith’s Nigerian headquarters.

According to a statement, the Bank’s choice to establish a French subsidiary enables it to apply to the Autorite’ de Controle Prudentiel et de Résolution (ACPR) for regulatory clearance for the establishment of an office in France through Zenith Bank (UK) Limited, its fully-owned subsidiary.

“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,” the bank’s founder noted.

“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,” he added.

In response, the French Minister stated, “We hope that the opening of the branch of Zenith Bank in France will be an occasion to boost French-Nigerian business, encouraging more French companies to invest in Nigeria and vice versa.”

He was totally in favor of Zenith Bank operating in France. Among other things, Mr. Olivier noted that the agreement would only strengthen the long-standing economic ties between France and Nigeria.

Olivier Becht revealed at the launch of the Food for Nations digital trade platform that the French government is interested in boosting its agricultural trade with Nigeria while on a trip there, as reported by The Punch Newspaper as well.

The goal of this initiative is to provide access to France and the rest of Europe for those involved in Nigeria’s agricultural sector.

“This platform marks a significant milestone in the ties between France and Nigeria. The agri-food industry stands as a beacon for cooperation between our two great nations,” the French Minister said.

“France, with its culinary heritage and its advanced technical know-how plays a pivotal role in harnessing the quality and diversity of food in the Nigerian market,” he added.

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