Standard Chartered Bank Zimbabwe Set to Migrate to FBC Holdings Ownership

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HARARE – Standard Chartered Bank Zimbabwe (SCBZ) is poised to undergo a significant transition this month as it prepares to migrate to its new owners, FBC Holdings (FBCH), following approvals from various stakeholders.

The migration process, scheduled to occur from May 17 to May 19, will see SCBZ operating under its existing name for three months post-migration, awaiting regulatory approval for a potential name change.

In an emailed communication to its clients, the bank outlined the key details of the migration process and assured customers of continuity in services during and after the transition period.

“Further to our letter dated 20 March 2024, we are pleased to share with you some important updates on the migration of Standard Chartered Bank Zimbabwe (SCBZ) to FBC Holdings (FBCH). The migration period is scheduled to take place from 17 May 2024 at 1400hrs to the end of day 19 May 2024,” the bank stated.

During the migration period, all products and services at SCBZ will be transferred to the new bank. However, customers can expect continuity in account numbers, insurance policies, relationship managers, branch managers, call center numbers, and other operational aspects.

SCBZ reassured its clients that registered names, such as Standard Chartered Bank Zimbabwe (SCBZ), and essential identifiers like the SWIFT code, will remain unchanged during the migration and subsequent transition period.

Standard Chartered PLC announced its decision to divest from several markets, including Zimbabwe, in April 2022, leading to the sale of SCBZ Limited to FBCH. The Reserve Bank of Zimbabwe (RBZ) Registrar of Banking Institutions approved the transaction, paving the way for FBCH to acquire a 100 percent shareholding in SCBZ.

FBCH Chairman, Herbert Nkala, provided updates on the acquisition, expressing confidence in completing the takeover process in the second half of the year.

FBCH aims for a seamless integration of operations and reporting by the second half of 2024, anticipating a smooth transition for both institutions and their customers.