Zenith Bank Plc has inked a Memorandum of Understanding (MoU) with the French Government for the establishment of a subsidiary in France. The historic agreement, sealed by Jim Ovia, CFR, Founder and Chairman of Zenith Bank, and Mr. Olivier Becht, French Minister for Trade, marks a pivotal moment for the bank’s strategic expansion.
The signing ceremony, held on Friday, November 24, 2023, witnessed expressions of enthusiasm from both parties. Jim Ovia expressed 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 licence and starting operations in early 2024.”
Mr. Olivier Becht, reciprocating the sentiment, acknowledged the decision of Zenith Bank to establish its first office within the European Union in Paris.
He 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 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”.
The French Minister emphasised the pro-business agenda of President Macron’s government, expressing hope that Zenith Bank’s presence in France would catalyse increased investments between the two nations.
Zenith Bank, a trailblazer in the Nigerian financial services sector, is well-known for its innovative products and solutions, robust financial performance, and a commitment to customer satisfaction. The bank’s foray into France adds to its existing subsidiaries in Ghana, Sierra Leone, and The Gambia, further solidifying its position as a global player in the banking industry. The establishment of the subsidiary in France is expected to open new avenues for economic cooperation and foster increased investments between Nigeria and France.