Chronicle Editor
Business Online Reporter
FBC Holdings Limited is seized with putting together the requisite documentation for the approval of the acquisition of Standard Chartered Bank Zimbabwe (SCBZ).
Early this month, the financial institution revealed that it has entered into an agreement for a 100 percent acquisition of Standard Chartered in Zimbabwe subject to regulatory approval.
In a cautionary statement today, the bank said it is now working on paperwork for approval by relevant regulatory authorities.
“Further to the cautionary statement published on 8 June 2023, the Board of Directors of (“FBCH” or the “Company”) wish to inform its shareholders and the investing public that the Company has signed a Sale and Purchase Agreement for the acquisition of Standard Chartered Bank Zimbabwe (SCBZ) (“the Transaction”).
“The company is putting together requisite documentation for the approval of the transaction by all relevant regulatory authorities. The board will keep the market informed of any material developments relating to the Transaction,” reads part of the statement.
It urged shareholders and the rest of the investing community to exercise caution, and to consult their investment advisors when dealing with its securities.
In April last year, Standard Chartered strategically decided to divest from a number of markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania.
The bank announced the sale of its business in Jordan earlier in March this year. Following the planned transaction, Standard Chartered Bank said FBCH would continue to employ all of its local employees and the two institutions will work closely in the coming months to provide a seamless transition for its clients and staff.
Online Reporter