CAK Approves Zenith Bank Takeover

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The Competition Authority of Kenya (CAK) approved Zenith Bank PLC’s acquisition of 100% of Paramount Bank Limited, allowing the Nigerian lender to enter Kenya’s banking sector. CAK set a condition that Zenith must retain all 78 Paramount Bank employees for at least 12 months. The authority said the transaction will not reduce competition and will improve Paramount Bank’s capital strength and long-term compliance with regulatory requirements.