CAK approves Zenith Bank acquisition of Paramount Bank

The Competition Authority of Kenya CAK, has approved Zenith Bank PLC’s plan to buy Paramount Bank Limited, subject to conditions to protect jobs. CAK says the takeover will not significantly affect competition in Kenya’s banking sector. However, to address concerns about job losses, Zenith Bank has been ordered to keep all 78 Paramount Bank employees for at least 12 months after the deal is completed.