Zenith Bank Plc has signed a Memorandum of Understanding with the French Government to establish a subsidiary in France.

The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, executed the MoU on Friday, November 24, 2023.

According to a statement, this strategic move enables  Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, to pursue regulatory approval from the Autorite’ de Controle Prudentiel et de Résolution (ACPR) for the establishment of a presence in France.

The signing ceremony took place at Zenith Bank’s headquarters in Nigeria.

Expressing his delight, Jim Ovia stated, “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 license and starting operations in early 2024.”

He extended gratitude to the French Ambassador to Nigeria, Emmanuelle Blatmann, and her colleagues at the French Embassy for fostering improved French-Nigerian business relations.

Becht expressed appreciation for Zenith Bank’s decision to establish a branch in Paris.

He highlighted the significance of Zenith Bank’s first office within the European Union, describing it as a demonstration of confidence and a milestone in French-Nigerian economic relations.

Mr Becht acknowledged President Macron’s pro-business agenda, emphasizing France’s commitment to enhancing the attractiveness of foreign investments through various reforms.

He 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.”