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RBZ approves FBC acquisition of StanChart

by Staff reporter
15 Nov 2023 at 05:12hrs | Views
THE Reserve Bank of Zimbabwe (RBZ) has approved FBC Holdings Limited's (FBCHL) purchase of Standard Chartered Bank Zimbabwe Limited (SCBZL), making it one of the biggest banks in the country.

As previously reported, in April 2022, SCBZL's former British based parent company, Standard Chartered PLC (SCP), announced plans to fully divest from its Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe operations, as it was facing growing costs in those markets.

In Zimbabwe, these costs were associated with a volatile currency, leading to an inflationary environment.

In June, FBCHL first made the announcement of its intention to acquire SCBZL.

"The Bank wishes to advise the banking public that the Registrar of Banking Institutions approved FBC Holdings Limited's acquisition of 100% shareholding (significant interest) in Standard Chartered Bank Zimbabwe Limited which also results in FBC Holdings Limited taking control of Standard Chartered Bank Zimbabwe Limited as defined in terms of the Banking Act [Chapter 24:20]," RBZ said, in a statement on Tuesday.

"The Bank also advises the public that approval has been granted by the Registrar of Banking Institutions for FBC Holdings Limited to be registered as a controlling company for Standard Chartered Bank Zimbabwe Limited."

At the end of the half year, SCBZL had total assets worth ZWL$724,53 billion a growth from ZWL$398,03 billion at the end of 2022.

Meanwhile, FHL's financial position as of June 30, 2023, was ZWL2,9 trillion, representing a growth of 180% from the end of last year.

Source - newsday