Zimbabwe’s FBC Holdings acquires Standard Chartered’s local unit

By Bloomberg

Zimbabwe’s FBC Holdings Ltd. has completed the acquisition of Standard Chartered Plc’s business in the southern African country.

FBCH is now wrapping up the necessary paperwork and will retain all of Standard Chartered’s employees in Zimbabwe, group chief executive officer, Trynos Kufazvinei said, according to a statement.

“We are creating a financial powerhouse that caters for the evolving needs of Zimbabwe’s dynamic economy,” Kufazvinei said. “The combined product and service offerings will allow us to serve a wider range of customers.”

Read more: Standard Chartered to Sell Zimbabwe Unit Locally to FBC Holdings

In June last year, London-headquartered Standard Chartered agreed to sell its Zimbabwe business to FBC as it pressed ahead with plans to exit seven markets in Africa and the Middle East.

Kariuki Ngari, chief executive officer of Standard Chartered Africa, said the group will continue to facilitate “and be a bridge for international capital flows into the country, working closely with FBCH.”

The registrar of Zimbabwe’s banking institutions had approved FBCH’s acquisition of 100% shareholding in Standard Chartered Bank’s local business in November.