Stan Chart Bank set to change name after FBC Holdings take over
Harare- Standard Chartered Bank is set to change its name after FBC Holdings Limited’s acquisition of 100 percent shareholding in the bank, in a deal that has been approved by the Reserve Bank of Zimbabwe (RBZ) Registrar of Banking Institutions.
In April last year, Standard Chartered PLC announced its decision to divest from a numberof markets including Zimbabwe.
FBC then snapped up the shareholding after rigorous bidding and under the proposed transaction, FBCH shall not retain the SCBZ name.
In June 2022 FBCH board held a meeting and resolved to submit a bid for the acquisition of SCBZ.
In a statement, RBZ said the approval will also result in FBC Holdings Limited taking control of Standard Chartered Bank Zimbabwe Limited as defined in terms of the Banking Act [Chapter 24:20].
“The bank wishes to advise the banking public that the Registrar of Banking Institutions approved FBC Holdings Limited’s acquisition of 100 percent 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]
“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, “reads the statement.
In June, the two financial institutions entered into an agreement for 100 percent acquisition subject to regulatory approval.
As part of the agreement, FBCH will also acquire the economic interest in Africa Enterprise Network Trust whose main asset is a 20,7 percent shareholding in Mashonaland Holdings Limited. (MHL).
Also, FBCH would continue to employ all of its local employees and the two institutions will work closely to provide a seamless transition for its clients and staff.
According to FBCH, the benefits of the approved transaction include the creation of a larger, diversified banking portfolio with a combined asset base, customer base and geographical reach that is more resilient and competitive in the face of industry wide challenges such as regulatory compliance and digitisation.
Benefits also include leveraging the two banking entities’ respective strengths, capabilities and competences to create dynamic banking operations allowing the merged entity to enhance its loan underwriting capacity and enabling the group to serve a broader range of customers across different market segments.
