Zenith Bank Plc has announced plans to commence operations in Ivory Coast this year, marking the next phase of its African expansion drive, supported by a significantly strengthened capital base.
The bank’s Head of Strategy, Olukayode Akinbinu, disclosed that Zenith is pursuing both greenfield investments and acquisitions across West and Central Africa, with Ivory Coast as the immediate priority and Cameroon expected to follow shortly.
Akinbinu noted that 40 per cent of the N350.5 billion the lender raised earlier this year—through an oversubscribed hybrid offer aimed at meeting the Central Bank of Nigeria’s new capital requirements—will be channelled into its international growth strategy.
Following the capital raise, Zenith’s capital base surged to N614.65 billion, representing a 160 per cent capitalization level. The boost, according to the bank, provides the financial strength to expand into high-growth markets and consolidate its position as one of Africa’s leading financial institutions.
Zenith’s expansion into Ivory Coast is expected to deepen the bank’s presence in Francophone Africa, where demand for cross-border financial services is on the rise.
