HARARE – FBC Holdings Ltd. has successfully finalized the acquisition of Standard Chartered Plc’s business operations in Zimbabwe, marking a significant development in the country’s financial landscape.
According to a statement, FBC Holdings, commonly referred to as FBCH, is now in the process of completing the necessary administrative procedures. Trynos Kufazvinei, the group’s chief executive officer, affirmed that all employees from Standard Chartered will be retained under the new ownership.
“We are creating a financial powerhouse that caters to the evolving needs of Zimbabwe’s dynamic economy,” Kufazvinei stated. “The combined product and service offerings will allow us to serve a wider range of customers.”
The acquisition comes after Standard Chartered, headquartered in London, agreed in June of the previous year to sell its Zimbabwean operations to FBC Holdings. This move was part of Standard Chartered’s broader strategy to exit several markets in Africa and the Middle East.
Kariuki Ngari, chief executive officer of Standard Chartered Africa, emphasized the commitment of the group to continue facilitating international capital flows into Zimbabwe. Ngari expressed optimism about collaborating closely with FBCH in this regard.
The acquisition received approval from the registrar of Zimbabwe’s banking institutions in November, paving the way for FBCH to acquire 100% shareholding in Standard Chartered Bank’s local business.
This acquisition marks a significant consolidation in Zimbabwe’s banking sector and is expected to have a profound impact on the country’s financial landscape in the coming years.
