London, United Kingdom:FBC Holdings Limited (FBCH) and Standard Chartered Bank have entered into an agreement for the acquisition of Standard Chartered’s business in the Republic of Zimbabwe, subject to the approval of the regulatory authorities including the Reserve Bank of Zimbabwe (RBZ) The announcement was made today at Standard Chartered’s Headquarters in Harare,Zimbabwe by Sunil Kaushal from Standard Chartered and Dr John Mushayavanhu fromFBCH, at a signing ceremony held in Harare Under the agreement, FBCH will acquire 100percent of the shareholding in Standard Chartered Bank (Zimbabwe) Limited and byextension, the custodial services business that is wholly owned by Standard Chartered Bank
Zimbabwe
As part of the agreement, FBCH will also acquire an economic interest in AfricaEnterprise Network Trust whose main asset is a 20.7% shareholding in MashonalandHoldings FBCH will continue to employ all of Standard Chartered Bank Zimbabwe’semployees The two banks will work closely in the coming months to provide a seamlesstransition for their clients and staff In a statement released today, Sunil Kaushal, Regional Chief Executive Officer,Africa & the Middle East (AME), stated
“The agreement with FBCH for the sale of Standard Chartered’s business in Zimbabwe is in line with the bank’s global strategy, aimed at achieving operational efficiencies, reducing complexity, and driving scale
This strategic decision allows us to redirect resources within the AME region to areas with significant growth potential, ultimately enabling us to better support our clients” According to Dr John Mushayavanhu, Group Chief Executive of FBC Holdings, thethe acquisition enables FBCH to consolidate its banking market share, customer base andmarket competitiveness in a rapidly changing banking landscape Commenting on the agreement, Dr John Mushayavanhu Group Chief Executive ofFBC Holdings Limited said,
“We are pleased to sign this agreement today and to have been selected by Standard Chartered Bank as the preferred buyer
Standard Chartered is a leading regional and international bank with more than [150] years of experience globally The bank has been present in Zimbabwe for more than [130] years Equally, FBCH is aleading financial services group in Zimbabwe and the region, with interests in commercialbanking, insurance, re-insurance, micro-finance, stock-broking, and mortgage finance Thecombined strengths of the two institutions will enable us to better respond to the ever-changing requirements of our clients
Standard Chartered Bank’s clients can expect the continued provision of seamless tradefinance and cross-border payments by FBCH We welcome Standard Chartered’s employeesto the FBCH group Both clients and employees alike will benefit greatly from their association with a leading financial institution such as FBCH Source: The Anchor
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Source: Theanchor
