RBZ gives nod to FBCH acquisition of Stanchart

THE Reserve Bank of Zimbabwe (RBZ) has approved the acquisition of the entire shareholding of Standard Chartered Bank Zimbabwe by FBC Holdings Limited, which will see the Zimbabwean banking group taking control of Stanchart’s local operations.

This comes after FBC Holdings (FBCH) and Standard Chartered Bank in June this year entered into an agreement for the acquisition of the latter’s entire business interests in Zimbabwe, subject to the approval of the regulatory authorities, including the central bank.

“The bank wishes to advise the banking public that the registrar of banking institutions approved FBC Holdings Limited’s acquisition of 100 percent shareholding, (significant interest) in Standard Chartered Bank Zimbabwe, which also results in FBC Holdings Limited Taking control of Standard Chartered Bank Zimbabwe Limited, as defined in terms of the Banking Act (Chapter 24:20).

“The bank also advises that the approval has been granted by the registrar of the banking institutions for FBC Holdings Limited to be registered as a controlling company for Standard Chartered Bank Zimbabwe Limited,” the central bank said in a statement.

Earlier in June, the two parties said, under the agreement, FBCH would have acquired all the shareholding in Standard Chartered Bank Zimbabwe Limited and by extension, the custodial services business that is wholly owned by Standard Chartered Bank Zimbabwe.

Further, FBCH would also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20,7 percent shareholding in Mashonaland Holdings.

FBCH pledged to continue to employ all of Standard Chartered Bank Zimbabwe’s employees. The two banks will work closely in the coming months to provide a seamless transition for their clients and staff.-ebusinessweekly