daniel chigunwe
Business Writer
The acquisition of Standard Chartered Zimbabwe by FBC Holdings is on track and is expected to be finalised by June of this year, according to a statement released by Standard Chartered.
The announcement clarifies the timeline for the merger, with the final migration of operations expected to be completed by June 30, 2024.
Standard Chartered assures customers they will be notified of the exact date for the switch once key milestones are met in line with the transaction plan.
“We advise that the bank will continue to operate as a separate entity until the migration is completed,” the statement reads. Standard Chartered is currently securing the necessary approvals for the bank’s new name, which will be revealed at a later date.
The sale of Standard Chartered Zimbabwe to FBC Holdings was first announced in June 2023, following Standard Chartered PLC’s decision to exit several markets, including Zimbabwe.
FBC Holdings Limited, the parent company of FBC Bank, received approval from the Reserve Bank of Zimbabwe to acquire Standard Chartered Zimbabwe in November 2023. The transaction has also been approved by the Competition and Tariff Commission.
The acquisition is expected to create a larger and more competitive banking institution in Zimbabwe. FBC Bank has stated that the acquisition will broaden its portfolio and strengthen its reach within the country.
StanChart is exiting several African markets, including Zimbabwe as part of their strategic decision moving into the future.
FCBH will acquire 100 percent ownership of StanChart Zimbabwe, including its custodial services business.
FCBH will also gain an economic interest in Africa Enterprise Network Trust, which holds a significant share (20.7 percent)in Mashonaland Holdings.
FCBH plans to retain all current employees of StanChart Zimbabwe.
This acquisition expands FCBH’s presence in Zimbabwe and potentially grants it a stake in Mashonaland Holdings. It signifies StanChart’s shift in focus within Africa.
Bongani Ndlovu