FBC Holdings acquires Standard Chartered’s Zimbabwe business

Zimbabwe’s fourth largest bank FBC Holdings, has announced its acquisition of Standard Chartered’s Zimbabwe business, the deal comes after Standard Chartered’s decision last year to exit Zimbabwe and several other markets.

The financial terms of the acquisition were not disclosed.

FBC reportedly emerged as the successful bidder, surpassing other interested parties, including Nigeria’s Access Bank and the Vista Group based in Guinea.

The agreement includes FBC acquiring 100% of Stanchart Zimbabwe and the Africa Enterprise Network Trust, which holds a 20.7% shareholding in Mashonaland Holdings.

John Mushayavanhu, CEO of FBC, expressed his anticipation for the transaction’s final approvals, highlighting the expected benefits of the deal in terms of market share.

“FBC is going to absorb the employees of Stanchart,” Mushayavanhu said.

With assets totaling Z$495 billion (approximately US$100 million), FBC holds a significant presence in commercial banking, insurance, re-insurance, micro-finance, stock-broking, and mortgage finance.

The acquisition of Stanchart’s Zimbabwe business is seen as a strategic move to further enhance FBC’s position in the market.

Stanchart, which had been present in Zimbabwe for 130 years, decided to exit the country as part of its global strategy to achieve operational efficiencies and reduce complexity.

The bank also aims to redirect resources to areas with significant growth potential in the Africa and Middle East (AME) region, according to Sunil Kaushal, Stanchart’s Regional Chief Executive Officer for AME.

This acquisition by FBC Holdings expands its market presence and aligns with its strategic objective of enhancing shareholder value.

The transaction is expected to strengthen FBC’s position within the banking sector and drive further growth in its real estate investments.

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