Africa-Press – Zimbabwe. STANDARD Chartered Bank Zimbabwe Limited (SCBZL) takeover by FBC Bank has received a green light from the regulator in a development prompting the latter to finalise the process.
The move follows FBC’s agreement with StanChart to acquire the local business in Zimbabwe in June this year after the former was successful ahead of other possible suitors.
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This follows StanChart’s strategic decision to divest from a few markets, namely Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe and Jordan, and to exit the CPBB (Consumer Private and Business Banking) business in Côte d’Ivoire and Tanzania.
The Bank announced the sale of its business in Jordan earlier in March this year.
Under the agreement, FBCH will acquire 100% shareholding in StanChart and by extension, the custodial services business that is wholly owned by Standard Chartered Bank Zimbabwe.
FBCH will also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20,7% shareholding in Mashonaland Holdings.
FBCH will continue to employ all Standard Chartered Bank Zimbabwe’s employees.
In an update Tuesday, the Reserve Bank of Zimbabwe (RBZ) announced that the deal had received regulatory approval.
“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 StanChart.
“The Bank also advises the public that has been granted by the Registrar of Banking Institutions for FBC Holdings to be registered as a controlling company for Standard Chartered Bank Zimbabwe Limited,” said the RBZ.
The RBZ said the agreement will result in FBC Holdings Limited taking control of Standard Chartered Bank Zimbabwe Limited as defined in terms of the Banking Act (Chapt 24:20).
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