FBC Holdings Limited completes Standard Chartered Bank Zimbabwe acquisition
FBC Holdings on Saturday completed the takeover of Standard Chartered Zimbabwe with authorities noting that they are ‘creating a financial powerhouse that caters for the evolving needs of Zimbabwe’s dynamic economy.’
The combined product and service offerings creates a base to serve a wider range of customers, leveraging the strengths of both institutions to deliver exceptional value to our stakeholders.
Under the agreement, FBCH has acquired 100 percent of the shareholding in Standard Chartered Bank (Zimbabwe) Limited (“SCBZ”) and by extension, Standard Chartered Nominees Zimbabwe (Private) Limited (“SCNZ) which is wholly owned by Standard Chartered Bank Zimbabwe.
As part of the agreement, FBCH has also acquired the economic interest in Africa Enterprise Network Trust (AENT) whose main asset is a 20,7 percent shareholding in Mashonaland Holdings.
” We are now completing the migration process. We confirm that effective 18 May 2024, we have taken control of the operations of SCBZ, SCNZ and received the assignment of the economic interest of AENT,” the financial institution said in a statement.
FBCH Group Chief Executive Officer, Trynos Kufazvinei said the acquisition goes beyond geographic expansion.
“We are creating a financial powerhouse that caters for the evolving needs of Zimbabwe’s dynamic economy.
“The combined product and service offerings will allow us to serve a wider range of customers, leveraging the strengths of both institutions to deliver exceptional value to our stakeholders,” he said.
FBCH expressed gratitude for Standard Chartered Bank’s professionalism throughout the process.
Chief Executive Officer for Standard Chartered Kenya and for Africa, Kariuki Ngari said “ We worked closely with FBCH to complete this acquisition and as we transition the business to FBCH, I want to thank the Regulators in Zimbabwe for their support and all employees for their contributions and wish them the best in their future career with FBCH.
” Standard Chartered will continue to facilitate and be a bridge for international capital flows into the country, working closely with FBCH.”
According to the statement, the acquisition of SCBZ signifies a strategic step forward for FBCH.
The legacy Standard Chartered business will form the foundation of a new, semi-autonomous wholesale banking product suite within FBCH.
The development complements FBCH’s existing retail banking strengths, while leveraging digitalization and robust risk management practices to deliver a more comprehensive suite of financial solutions.-chronicle
