Paramount Bank Limited was first established in 1993 as a non-banking financial institution known as Combined Finance Ltd. In 1995, it commenced banking business as a fully-fledged commercial bank offering a complete range of banking services.

In order to further strengthen its base, Paramount Bank Limited underwent a merger in the year 2000, thus officially becoming Paramount Bank Universal Limited. In March 2003 the bank went live on the SWIFT network, and therefore able to provide secure and efficient worldwide money transfer services to its customers.

Later in 2015, Paramount Universal Bank Limited changed its name to Paramount Bank Limited.