FBC Holdings merges bank, building society

ZIMBABWE Stock Exchange-listed financial institution FBC Holdings has completed the integration of its building society operations into its commercial banking arm, marking the end of FBC Building Society as a standalone entity.

In a statement, FBC Holdings group company secretary Mr Tichaona Mabeza said the merger between FBC Bank Limited and FBC Building Society was successfully implemented and became operationally effective on December 30, 2025.

"FBC Holdings Limited wishes to advise its valued customers, shareholders and the general public that the merger between FBC Bank Limited and FBC Building Society has been successfully implemented and is operationally effective as of December 30, 2025," said Mr Mabeza.

The merger follows approval by the Ministry of Finance, Economic Development and Investment Promotion last month and was conducted in line with regulatory requirements.

"The merger was undertaken in accordance with the Banking Act [Chapter 24:20] and followed all required regulatory approvals, including approval by the Minister of Finance, Economic Development and Investment Promotion, as gazetted on December 12, 2025," he said.

Mr Mabeza explained that the cancellation of the FBC Building Society licence meant the institution had ceased to exist as a separate entity, with its entire banking business transferred to FBC Bank Limited.

"All former FBC Building Society customers have been integrated into FBC Bank," he said.

He assured customers and stakeholders that the merger would not affect deposits, accounts or contractual obligations.

"Customers' deposits, accounts and contractual obligations remain safe, intact and fully accessible," Mr Mabeza said.

He further noted that the transaction would not result in any changes to the FBC Holdings corporate structure or compromise the group's financial stability.

FBC Building Society was founded in 1992 as the Zimbabwe Building Society (ZBS) and was renamed in 2005 after FBC Holdings acquired a controlling stake.

At the time, the family of former Cabinet minister Francis Nhema owned 60 percent of the building society and relinquished the stake in exchange for a 3,5 percent shareholding in FBC Holdings.

Following the merger, Zimbabwe is now left with only two building societies — Old Mutual-owned Central Africa Building Society (CABS) and the National Building Society (NBS), which is owned by the National Social Security Authority (NSSA).