- FBC Holdings acquires Standard Chartered's Zimbabwe business.
- Acquisition includes bank, custodial services, and economic interest.
- FBC Holdings consolidates market share, Standard Chartered focuses on growth
Harare-FBC Holdings Limited (FBCH), a ZSE listed financial services group has signed an agreement with Standard Chartered Bank to acquire its business in Zimbabwe, subject to regulatory approvals. Under the agreement, FBCH will acquire 100% of the shareholding in Standard Chartered Bank (Zimbabwe) Limited and its custodial services business. FBCH will also acquire the economic interest in Africa Enterprise Network Trust, whose main asset is a 20.7% shareholding in Mashonaland Holdings.
The acquisition will enable FBCH to consolidate its banking market share, customer base, and market competitiveness in a rapidly changing banking landscape. Standard Chartered clients can expect the continued provision of seamless trade finance and cross-border payments by FBCH. FBCH will continue to employ all of Standard Chartered Bank Zimbabwe's employees, and both clients and employees alike will benefit greatly from their association with a leading financial institution such as FBCH.
According to Sunil Kaushal, Regional Chief Executive Officer, Africa & the Middle East (AME), "The agreement with FBCH for the sale of Standard Chartered’s business in Zimbabwe is in line with the bank’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale. This strategic decision allows us to redirect resources within the AME region to areas with significant growth potential, ultimately enabling us to better support our clients."
Dr. John Mushayavanhu, Group Chief Executive of FBC Holdings, expressed his pleasure at signing the agreement and being selected by Standard Chartered Bank as the preferred buyer. He stated, "The combined strengths of the two institutions will enable us to better respond to the ever-changing requirements of our clients. Ultimately, the acquisition will further enhance shareholder value."
Standard Chartered Bank has been present in Zimbabwe for more than 130 years and decided to divest from a number of markets, including Zimbabwe, for strategic reasons. FBC Holdings' acquisition of Standard Chartered's business in Zimbabwe is a testament to the former's strong financial position and further enhances its presence in the market. The two banks will work closely in the coming months to provide a seamless transition for its clients and staff.
FBC Holdings is a leading Zimbabwe Stock Exchange listed financial services group in Zimbabwe and the region, with interests in commercial banking, insurance, re-insurance, micro-finance, stock-broking, and mortgage finance. With over 25 years' experience in serving the diverse needs of individuals and corporate clients, the group is committed to nurturing sustainable solutions that enable the financial well-being of the communities it serves.
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