Zenith Bank is Expanding into Ivory Coast

Zenith Bank is Expanding into Ivory Coast

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 cou…