FBC Holdings acquires Standard Chartered Bank Zimbabwe
HARARE: In a move that reshapes Zimbabwe’s banking landscape, FBC Holdings has successfully acquired 100% of Standard Chartered (OTC:SCBFF) Bank Zimbabwe (SCBZ).
The Reserve Bank of Zimbabwe (RBZ) gave its nod of approval for the transaction today, marking a significant consolidation in the sector.
The acquisition aligns with FBC Holdings’ strategic growth plan and follows Standard Chartered PLC’s April 2022 announcement to exit several markets, including Zimbabwe.
The deal was set in motion when FBC Holdings emerged as the winning bidder in June 2022, after which a sale and purchase agreement was executed.
Under the Banking Act [Chapter 24:20], and with the blessing of the Registrar, FBC Holdings has now assumed control over SCBZ.
The takeover is not just a change in ownership but also comes with an economic interest in Africa Enterprise Network (LON:NETW) Trust, which holds a substantial stake in Mashonaland Holdings Limited.
FBC Holdings has committed to retaining all local SCBZ employees and promised a seamless transition for staff and customers alike.
However, the SCBZ brand name will not be retained post-acquisition. The merger is expected to create a more robust and competitive banking entity, capable of overcoming challenges such as regulatory compliance and adapting to digital transformations.
The expanded operations of the combined entity aim to enhance its loan underwriting capacity while broadening its customer base and geographic reach. With this acquisition, FBC Holdings sets out to offer more dynamic banking services across Zimbabwe.