France is set to get a Zenith Bank branch

Zenith Bank, a leading Nigerian financial institution, is poised to make its mark in one of Europe’s major markets: France, with plans to establish a presence in the European nation.

• Zenith Bank, one of Nigeria’s top banks, signs MOU for a French subsidiary,
• Founder Jim Ovia and French Minister Olivier Becht seal the deal,
• The move aligns with broader economic goals as France looks to strengthen trade ties with Nigeria.

Zenith Bank recently signed a Memorandum of Understanding (MOU), with the French government, allowing it to institute a subsidiary in the European northwest, as reported by the Nigerian newspaper, The Punch.

Jim Ovia, CFR, the bank’s Founder and Chairman represented the bank in the signing, while, Mr. Olivier Becht, the French Minister for Trade, Attractiveness, and French Nationals Abroad, was present to ink the deal on behalf of the French government. The signing took place at Zenith’s HQ in Nigeria.

The decision to have a French subsidiary, according to a statement, allows the Bank to submit an application for regulatory clearance from the Autorite’ de Controle Prudentiel et de Résolution (ACPR) for the development of an office in France through its fully-owned subsidiary, Zenith Bank (UK) Limited.

“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 fully embraced the idea of Zenith Bank’s presence in France. Mr. Olivier pointed out that the deal would only serve to bolster the long-standing economic relationship between France and Nigeria, amongst other benefits.

During his trip in Nigeria, as reported, also by The Punch Newspaper, Olivier Becht disclosed that the French government is interested in strengthening its agricultural trade with Nigeria, at the inauguration of the Food for Nations digital trade platform.

This initiative is intended to get the stakeholders in Nigeria’s agricultural sector to gain access to France and the rest of Europe.

“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.