Zenith Bank is working on entering Ivory Coast, the second-largest economy in West Africa. The move into Ivory Coast is part of the bank's regional expansion strategy energized by a strengthened capital base.
The bank plans to channel 40% of the ₦350.5 billion it raised earlier this year—funds obtained to comply with the Central Bank of Nigeria (CBN)’s minimum capital mandate—into driving its international expansion strategy.
Zenith Bank's Head of Strategy, the person of Mr. Olukayode Akinbinu said the bank is assessing acquisitions and greenfield investment in West and Central Africa, with operations in Ivory Coast slated to launch this year, and Cameroon set to follow shortly after.
Ivory Coast (Cote D'ivoire) has recorded an average GDP growth of 6.7% over the past five years, placing it among the fastest-growing economies in the world. The nation’s strong economic growth is drawing investor interest. In fact, Dangote Cement Plc is planning to set up a new plant in the country.
Zenith Bank’s entry into Côte d’Ivoire is a win-win benefits for both the country and the bank. The country will gain an increase access to capital, modern banking services, and job opportunities that can support its growing economy.
The bank on the other hand will benefit from tapping into one of Africa’s fastest-expanding markets, diversifying its revenue base, and strengthening its footprint in Francophone West Africa. Meanwhile, it's worth noting that the bank already operates subsidiaries in Gambia, Sierra Leone, and Ghana.
In addition to that, Zenith Bank has a representative office in South Africa. And beyond Africa, Zenith Bank maintains subsidiaries in the United Kingdom (UK) and France. Another representative office is in China, and has a UK branch in Dubai.
