FBC Holdings Limited (FBCH) has successfully completed its acquisition of Standard Chartered Bank Zimbabwe (SCBZ) from Standard Chartered Plc. This strategic move follows Standard Chartered’s decision in April 2022 to divest from several markets, including Zimbabwe. FBCH deposited $34 million last year to demonstrate its commitment to the deal and has now taken over SCBZ along with Standard Chartered Nominees Zimbabwe (SCNZ) and the economic interest in Africa Enterprise Network Trust (AENT). FBCH will continue employing SCBZ’s staff and aims to leverage this acquisition to serve Zimbabwe’s dynamic economy more effectively. The deal was marked by strong collaboration between the parties and regulatory approvals, and forms the foundation for a new wholesale banking product suite within FBCH.
Banking, Financial Services,Zimbabwe, United Kingdom
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